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

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.

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

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.

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.