Elon Musk announced the all-stock deal on Friday, saying that the combined entity would be valued at $80 billion. © Reuters
(Reuters) -- Elon Musk's xAI artificial intelligence firm has acquired Musk's X, the social media outfit formerly known as Twitter for $33 billion.
The all-stock deal announced on Friday consolidates two of Musk's multiple portfolio companies, which also include automaker Tesla and SpaceX, and potentially eases the billionaire's ability to train his AI model known as Grok. Including $12 billion in debt, the deal is valued at $45 billion.