Elon Musk's X purchased by his AI company xAI

Elon Musk-owned X, previously called Twitter, has been purchased by his AI company xAI. This announcement came from Musk through a post on his X account, revealing that X was acquired by xAI in an all-stock transaction, valuing xAI at $80 billion and X at $33 billion ($45B less $12B debt). X, then Twitter, was purchased by Musk in 2022 for about $44 billion and has been mired in controversies for different reasons. With its acquisition by xAI, Musk said this combination of X and xAI, whose "futures are intertwined," will unlock immense potential by "blending xAI’s advanced AI...