Fidelity raised the valuation of X Holdings stock by 32.37% in October, marking the company's largest monthly adjustment since supporting Elon Musk's acquisition in 2022. However, this valuation is still nearly 72% lower than Musk's initial acquisition price of $44 billion.

xAI also has a connection to X Holdings through equity. Fidelity participated in xAI's $6 billion Series B funding round. In October, it increased the value of these shares by about 70%, which may have influenced its valuation method for X Holdings. (TechinAsia)