Elon Musk says his $33-billion sale of X to an AI company he also owns will make his social media platform an accelerator for "human progress."

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's AI startup, xAI, has acquired his social media platform X, formerly known as Twitter, in an all-stock deal.

Big brands are allocating small amounts of their advertising budget to Elon Musk’s X, seeking to avoid being seen as boycotting the social media platform and triggering a public fallout with its billionaire owner.

Elon Musk just sold X, the social network formerly known as Twitter, to himself? Well, kind of. Musk, in a post on X Friday, said that his artificial-intelligence company, xAI, has acquired X in an all-stock transaction that values X at $33 billion ($45 billion minus $12 billion in debt).

Discover this week's major market moves, including xAI's acquisition of X, Nvidia's AI expansion, and AT&T's latest deal talks.