New Delhi, March 29 -- In a shock move, Elon Musk on Friday sold his social media platform X to his own xAI artificial intelligence company in a $33 billion all-stock deal.While making the announcement, Musk further said that the deal included $12 billion of debt - which raises the overall valuation for X to $45 billion.

On why he decided to merge the two companies, he said in statement on X, "xAI and X's futures are intertwined. Today, we officially take the step to combine the data, models, compute, distribution and talent.

Speaking about xAI, Musk said, "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."

He also pointed...