On Monday, users of X reported widespread outages. The same day, Tesla’s stock fell more than 15 percent amid concerns that include declining electric vehicle sales and politically driven ...

Elon Musk on Friday announced he has sold his social media platform X to his artificial intelligence company, xAI, in an all-stock transaction valued at $33 billion plus $12 billion in debt.

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 companies are being combined in an all-stock deal that values xAI at $80 billion and X at $33 billion, factoring in the social network's $12 billion debt.

The acquisition was an all-stock transaction for $45 billion with the combined company now valued at $80 billion, according to Elon Musk.