Fidelity and Musk's xAI Surge Turn Twitter Investment into a Windfall
Fidelity has increased the valuation of its stake in Elon Musk's X Holdings by 32.37% in October, despite the company's overall worth being 72% less than its $44 billion purchase price. This increase is likely linked to xAI, another Musk venture, in which Fidelity invested and recently marked up its shares by 70%. X Holdings reportedly has a significant stake in xAI, which may explain the valuation boost. Meanwhile, X remains a dominant social platform in the U.S., especially during elections, as Musk's relationship with Donald Trump strengthens.