Fidelity has increased its valuation of X Holdings shares by 32.37% in October, marking its largest monthly adjustment since the company supported Elon Musk’s acquisition in 2022.

However, the valuation still reflects a nearly 72% decrease from Musk’s original US$44 billion purchase price.

xAI also has a connection to X Holdings through an equity stake. Fidelity took part in xAI’s US$6 billion series B funding.

It marked up the value of these shares by about 70% in October, which may have affected its valuation approach to X Holdings.