ELON MUSK SAYS XAI HAS ACQUIRED X IN DEAL THAT VALUES SOCIAL MEDIA SITE AT $33 BILLION

Summary from the TLDR newsletter

xAI has merged with X in an all-stock transaction that valued the artificial intelligence company at $80 billion and the social media company at $33 billion. As both companies are privately held and controlled by Elon Musk, the transaction was likely a stock swap, with X investors getting paid out in xAI shares. The companies have several mutual investors. X and xAI were already intertwined, with xAI's Grok chatbot available to X users.