Equity owners in X included Musk himself, along with Oracle founder Larry Ellison, Twitter co-founder Jack Dorsey, investor Bill Ackman’s Pershing Square Foundation, Fidelity Investments, Saudi Prince Alwaleed bin Talal’s Kingdom Holdings Ltd., Andreessen Horowitz, Sequoia Capital, Vy Capital and Sean “Diddy” Combs.

Elon Musk announced Friday that his company xAI is buying X, the social media platform formerly known as Twitter, in an all-stock deal. The transaction values xAI at $80 billion and X at $33 billion, according to CNBC.

Users are reporting that X is down, but people may have an easier time accessing the social media platform owned by Elon Musk on a computer. On Sunday, at around 10 a.m. ET, users began reporting that they were struggling to load X's mobile app,

Big brands are allocating small amounts of their advertising budget to Elon Musk’s X, seeking to avoid being seen as boycotting the social media platform and triggering a public fallout with its billionaire owner.

Elon Musk just sold X, the social network formerly known as Twitter, to himself? Well, kind of. Musk, in a post on X Friday, said that his artificial-intelligence company, xAI, has acquired X in an all-stock transaction that values X at $33 billion ($45 billion minus $12 billion in debt).

Discover this week's major market moves, including xAI's acquisition of X, Nvidia's AI expansion, and AT&T's latest deal talks.