Fidelity Increases Valuation of X
Fidelity has raised its valuation of Elon Musk's X (formerly Twitter) by over 30% in October, according to Axios. This increase likely reflects X's connection to xAI, Musk's AI startup, in which Fidelity also invested. Read more about Musk's ventures here.
Despite the markup, Fidelity's valuation of X remains significantly lower than Musk's $44 billion purchase price. The increased valuation may be linked to Fidelity's investment in xAI and the integration of xAI's chatbot, Grok, into X. See how X compares to competitors.
This valuation adjustment occurred before Donald Trump's election win and his announcement of Musk potentially leading a new government department. The election reportedly impacted X's traffic, with some users migrating to platforms like Bluesky. Learn more about Bluesky's growth.