That article and Musk is writing it in a dumb way. The enterprise value is $45b, the equity value is $33b.
"The choice of $45 billion is not a coincidence," said D.A. Davidson & Co. analyst Gil Luria. "It is $1 billion higher than the take-private transaction for Twitter in 2022" and he can share the value of the xAI business with Twitter co-investors.
Now whether that is an arm’s length valuation, who knows. I have no idea.