Fidelity boosted the valuation of Musk's X by 32.37% in October, though it still values the platform significantly lower than the $44 billion purchase price.
The markup appears linked to Fidelity's investment in Musk's xAI, with the firm having marked up xAI shares by 70% in the same period.
Traffic surged on X following Donald Trump's election victory, while competing services like Bluesky saw an influx of users.
Fidelity’s adjustments suggest a strategic connection between its assessments of X and its involvement with related ventures, indicating broader market dynamics influencing these valuations.
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