In a significant development in the tech industry, xAI, a privately held artificial intelligence company, has acquired the social media platform X, previously known as Twitter. X Telegram acquires X in all-stock transaction.

Merging xAI and X underlines how Elon Musk has parlayed his power to shuffle around his assets, even if the underlying deals are opaque.

Musk’s decision to merge the businesses is a win for X investors, who have endured more than two years of uncertainty since his takeover as advertisers and users abandoned the social network.