Elon Musk on Friday evening announced he has sold his social media company, X, to xAI, his artificial intelligence company, in a deal that values X at $33 billion, much less than he paid for it in 2022 but a significant rebound from its moribund valuation just a few months ago.

Elon Musk ’s artificial intelligence company, xAI, has purchased his social media network, X, in an all-stock transaction, the billionaire Trump adviser announced on Friday. At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.

Elon Musk has sold social media site X to his own xAI artificial intelligence company in a $33 billion all-stock deal, the billionaire announced on Friday