Elon Musk’s artificial-intelligence startup xAI has acquired X, the social-media platform he also owns, in an all-stock deal that assigns the new enterprise a lofty valuation.

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.

A crowd urged a Tesla boycott and waved signs against Elon Musk at a "Tesla Takedown" protest in El Paso, Texas.

Protesters against billionaire Elon Musk’s purge of the U.S. government under President Donald Trump demonstrated outside Tesla dealerships throughout the U.S. and in some cities in Europe on