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.

Musk, the owner of both companies, said the deal values the startup AI company at $80 billion and the social media platform at $33 billion.