Financial giant Fidelity bumped up the valuation of two Elon Musk-owned companies, social media platform X and AI startup xAI in October.

Fidelity marked up the value of its holdings in Elon Musk’s X (formerly Twitter) by 32.37% in October, according to a report in Axios. Even with this

Several backers of Elon Musk’s $44 billion acquisition of X are now set to receive a windfall from their investments in xAI.

Fidelity has raised the estimated value of its stake in Elon Musk’s X (formerly Twitter) by 32.37% in October, according to an Axios report. Despite the boost, the social media platform is still valued at nearly 72% less than the $44 billion Musk paid to acquire it in 2022.

Elon Musk took Twitter private for $44 billion. Fidelity raised the carrying valuation for the social media company in October after many months of markdowns.

These stakeholders are now reaping rewards in the form of shares in the artificial intelligence (AI) startup, xAI of Elon Musk .

Musk has given 25% of the shares in his startup xAI to investors who helped fund his $44 billion acquisition of the social media platform X, formerly known as Twitter, in 2022.

Even though Fidelity marked up its holdings in X by an impressive 32.37 per cent, it still considers X to be worth substantially less than the $44 billion Musk initially paid for it, valuing the platf

X is worth 72% less than the $44 billion owner Elon Musk paid for the app formerly known as Twitter, despite that Fidelity had recently marked up the value of its shares by 32.37%, according to a valuation from Fidelity.