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

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

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.