In October the rating rose from

That still means that Fidelity believes that In March, Fidelity lowered its rating from X, following a similar reduction in January.

X is not a publicly traded company, so Fidelity’s estimates are one of the few ways to estimate the platform’s value.

Meanwhile, Fidelity is also an investor in Musk’s xAI artificial intelligence startup – which trains its large language model on X-data – and increased the value of its stake by around 70% in October, according to Axios.

According to the report, the two raises are likely related as X is believed to own a large stake in xAI, helping to increase the value of its sister company. In fact, xAI raised another $5 billion last month, nearly doubling its value, sources said Financial Times.

Representatives for Fidelity, X and xAI did not immediately respond to requests for comment.

Fidelity’s November valuation estimates are expected to show further gains as other Musk companies surge following the election of Donald Trump as president. The new administration wants to cut corporate taxes and deregulate key sectors, while Musk’s role as a trusted adviser to Trump could bring further benefits.

For example, Tesla shares rose 39% in November alone, and the Destiny Tech 100 fund, whose largest holding is SpaceX, shot up 269% in the last month.