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.

Elon Musk's artificial intelligence firm xAI acquired X in an all-stock deal valuing the social media company at $45 billion, minus $12 billion in debt.

The combination values xAI at $80 billion and X at $33 billion,” he wrote in an X post on Friday. The X value is $45 billion when including $12 billion of debt, he said. It was an all-stock transaction.