Srinagar, March 29 -- 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.

Both companies are privately held, which means they are not required to disclose their finances to the public.

Musk said in a post on X that the move will "unlock immense potential by blending xAI's advanced AI capability and expertise with X's massive reach." He said the deal values xAI at $80 billion and X at $33 billion. Musk, who serves as CEO of Tesla and SpaceX as well as an advisor to President Donald Trump, bought the site then called Twitter for $44 billion in 2022, gutted its staff and changed its policies on hate speech, misinformation and user verifi...