Financial giant Fidelity bumped up the valuation of two Elon Musk-owned companies, social media platform X and AI startup xAI in October.

In the world of generative artificial intelligence ( AI ), the scrap between Elon Musk and Sam Altman is in the same league. It is both silly and captivating. Silly because they insult each other, try to discredit each other’s chatbots and fight over who meant what almost a decade ago when they co-founded Open AI.

Elon Musk's artificial intelligence company, xAI, reportedly reached a valuation of $50 billion just 16 months after its founding in July 2023. It is now worth more than what the billionaire paid for Twitter. Arguably the most well-known name in the AI space, OpenAI, last valued at $157 billion, needed over nine years to achieve the same milestone.

Fidelity marked up the value of its X Holdings shares by 32.37% in October, the largest monthly increase since helping Elon Musk buy the company in 2022. The big picture: Even with the valuation boost,

Fidelity has raised the estimated value of its stake in Elon Musk’s X (formerly Twitter) by 32.37% in October, according to an Axios report. Despite the boost, the social media platform is still valued at nearly 72% less than the $44 billion Musk paid to acquire it in 2022.

Fidelity marked up the value of its holdings in Elon Musk's X by 32.37% in October, Axios reported Sunday, possibly boosted by the social media's stake in xAI.  Despite the markup, Fidelity still values the platform formerly known as Twitter at a 72% discount to the $44 billion Musk purchased it for in 2022.