Elon Musk has executed a merger that redefines what’s possible when one person controls every side of the table. By combining his AI startup xAI with X (formerly Twitter), Musk has created a $113 billion tech entity, bypassing virtually every traditional safeguard used in corporate dealmaking. It’s an all-stock transaction, with shares of X and xAI exchanged for shares in the new umbrella entity. From Twitter buyer to AI consolidatorThe structure folds X—valued at $33 billion, including $12 billion in debt—into xAI, which carries an $80 billion valuation. On X, Grok has also been integrated into advertising workflows.