No products in the cart.
Fidelity, a financial services company, increased the value of its holdings in Elon Musk’s X (formerly Twitter) by 32.37% in October, despite still valuing the company at 72% less than the $44 billion Musk paid for it in 2022.
The markup is likely connected to Fidelity’s investment in xAI, an AI startup founded by Musk, which has a chatbot trained on X data and may have a significant equity stake in xAI. The move occurred before Donald Trump’s presidential election victory, which caused a spike in traffic at X and drove users to competing services.
