New Delhi, March 29 -- This is a very strange as well as an interesting acquisition. Elon Musk's artificial intelligence company, xAI, has acquired X in an all-stock deal, valuing xAI at $80 billion and X at $33 billion. The logic behind this merger is to create one combined AI-powered social media behemoth.

Elon Musk took to X to share the news:

"@xAI has acquired @X in an all-stock transaction. The combination values xAI at $80 billion and X at $33 billion ($45B less $12B debt).

"Since its founding two years ago, xAI has rapidly become one of the leading AI labs in the world, building models and data centers at unprecedented speed and scale. X is the digital town square where more than 600M active users go to find the real-time sourc...