xAI has acquired X in a stock swap deal. This transaction values xAI at $80 billion and X at $33 billion ($45 billion minus $12 billion in debt). 

xAI is also owned by Elon Musk. 

Imagine this: You buy an orange farm (X). The farm continues to produce oranges, and then you decide to establish a company that specializes in producing orange juice (xAI) from your oranges because orange juice is worth more than fresh oranges. Eventually, the orange juice company (xAI) acquires the orange farm (X)... There are debt restructuring and legal reasons involved, but essentially, that's the story.