A Fidelity Investments mutual fund increased the value of its equity stake in Elon Musk’s X by more than 32% in October, its largest monthly increase since making the investment in late 2022.

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

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.

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. Axios reports that this move is probably connected to xAI — Fidelity invested in the Musk-founded AI startup’s $6 billion Series B earlier this year,

Fidelity marked up the value of its X Holdings shares by 32.37% in October, the largest monthly increase since helping Elon Musk buy the company in 2022. The big picture: Even with the valuation boost,

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.

Fidelity marked up the value of its holdings in Elon Musk's X by 32.37% in October, Axios reported Sunday, possibly boosted by the social media's stake in xAI.  Despite the markup, Fidelity still values the platform formerly known as Twitter at a 72% discount to the $44 billion Musk purchased it for in 2022.