Elon Musk announced in a post on X that his artificial intelligence company, xAI, had acquired the social media platform in an all-stock deal.

Elon Musk’s XAI Holdings is in talks with investors to raise roughly $20 billion in funding for his newly combined artificial intelligence startup and social media business, according to people familiar with the matter.

Talks with top investors signal heightening valuations as Musk positions xAI against rivals. Elon Musk’s xAI Holdings is in talks with investors to raise roughly $20 billion in funding for his newly combined artificial intelligence startup and social media business,