Musk's xAI buys his social media platform X

Elon Musk says that his AI venture xAI has acquired his social media platform X, formerly known as Twitter, BBC reported.

In an X post Friday, Musk said the all-stock transaction values xAI at $80 billion and X at $33 billion.

Musk paid $44 billion for Twitter in 2022.

"xAI and X's futures are intertwined," Musk wrote on X Friday. "Today, we officially take the step to combine the data, models, compute, distribution and talent."

Both X and xAI are privately held and share some major investors. They also share significant resources.

"The combined company will deliver smarter, more meaningful experiences to billions of people while staying true to our core mission of seeking truth and advancing knowledge," Musk wrote.