If you’re Elon Musk, you sell X to xAI. He did OK on the sale. In a Friday evening tweet on X, Elon Musk wrote that xAI had acquired X for $33 billion, or “$45 B less $12B debt.” In his tweet, Musk explained the rationale behind the deal.

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.

Elon Musk has sold social media site X to his own xAI artificial intelligence company in a $33 billion all-stock deal, the billionaire announced on Friday.