The companies are being combined in an all-stock deal that values xAI at $80 billion and X at $33 billion, factoring in the social network's $12 billion debt.

Elon Musk announced Friday that his company xAI is buying X, the social media platform formerly known as Twitter, in an all-stock deal. The transaction values xAI at $80 billion and X at $33 billion, according to CNBC.

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.