Blockbuster Deal by Elon Musk! AI Company xAI Acquires the Social Media Platform X in a Stock Deal for $33 Billion!

Tesla's (TSLA) CEO, Elon Musk, announced on Friday in a blog on his social media platform X that his startup for generative artificial intelligence, xAI, has acquired the social network in a purely stock-based transaction. Acquisition value of X amounts to $33 billion after debt deduction The transaction values xAI at $80 billion and the X acquired by Musk himself at $33 billion, of which $45 billion is equity and $33 billion has been deducted for debt. Elon Musk, who also owns X, acquired the social network formerly known as Twitter in October...