Musk’s xAI Startup Swallows Up X Social Network in Surprise Deal

Elon Musk said his xAI artificial intelligence startup has acquired the X platform, which he also controls, at a valuation of $33 billion, marking a surprise twist for the social network formerly known as Twitter.

“The combination values xAI at $80 billion and X at $33 billion,” the billionaire wrote Friday in a post on X. The value of X is $45 billion when including $12 billion of debt, he said, describing the purchase as an all-stock transaction.

The deal gives the new combined entity, called XAI Holdings, a value of more than $100 billion, not including the debt, according ...