News Summary

Elon Musk has sold his social media platform X, formerly known as Twitter, to his artificial intelligence company xAI in a deal valued at $45 billion. The acquisition is part of Musk’s strategy to integrate social media with AI technologies. The transaction was structured as an all-stock deal, incorporating $12 billion in debt, and values xAI at $80 billion and X at $33 billion. This move marks a significant consolidation in Musk’s portfolio, further enhancing the influence of his AI endeavors.