Rockstar Games has launched GTA Online for PS5 and Xbox Series X/S, although those of you thinking of transferring your PS4 save data to the new version may want to keep something in mind. If you do this, your old PS4 save will be deleted.
This means that your PS4 character and all process, including cash and anything you’ve purchased, will be wiped completely. In addition, you won’t be able to match with PS4 players if you’re playing the PS5 version of GTA Online, so if your mates are still on PS4, they will have to upgrade before joining you.
GTA Online was originally released for the PS3 and Xbox 360 in October 2013, arriving one month after GTA 5. The game has been a perennial money maker for publisher Take-Two, so much so that any single-player DLC that was planned for the main game was scrapped in favour of more content for the online game.
[Source – Reddit]