Fidelity Investments has seen a significant increase in the value of its equity stake in X, formerly known as Twitter.
The Blue Chip Growth Fund raised its valuation of X Holdings Corp. to $5.53 million in October, which is a 32% rise from $4.19 million in September.
This increase represents the fund's largest monthly gain since its initial investment in late 2022.
The Blue Chip Growth Fund initially invested around $19.7 million in X in October 2022.
The recent valuation boost reflects the growing confidence in X's potential under Musk's leadership, as Fidelity adjusts its investment strategy in response to market dynamics.