San Francisco: Elon Musk announced Friday that xAI has bought X, the social media platform previously known as Twitter. '@xAI has acquired @X in an all-stock transaction. The combination values xAI at $80 billion and X at $33 billion ($45B less $12B debt),' Musk wrote on X.

According to Anadolu Agency, xAI was founded by Musk in March 2023 and is known for developing the AI chatbot Grok which is integrated into X. Musk described X as a digital town square with over 600 million active users, which has been transformed into an efficient company, positioning it for scalable future growth.

Musk further explained that the future of xAI and X is 'intertwined,' and the acquisition marks a step toward recognizing their combination. He emphasized that the merger will unlock potential by combining xAI's AI capabilities with X's extensive reach, aiming to deliver smarter experiences to billions while adhering to their mission of seeking truth and advancing knowledge.

He also highlighted that the move will enable both companies to accelerate 'human progress.' X was previously acquired by Musk in 2022 for $44 billion.