Fidelity raised the valuation of X Holdings stock by 32.37% in October, the company's largest monthly adjustment since backing the Elon Musk acquisition in 2022. However, the valuation is still down nearly 72% from Musk's original purchase price of $44 billion. xAI also has ties to X Holdings through equity. Fidelity participated in xAI's $6 billion Series B funding round. It increased the value of those shares by about 70% in October, likely affecting its approach to valuing X Holdings.