Elon Musk has announced that his AI company, xAI—which we're told is also working on a videogame—has acquired his social media company, X, in an all-stock transaction. The Musk-to-Musk deal values X at $45 billion before subtracting $12 billion in debt.
Before rebranding it as X, Musk purchased Twitter for $44 billion in 2022. Last year, Fidelity estimated that X's value had dipped substantially since then, appraising the social media site at 72% less than Musk's purchase price.
