Fidelity raised the valuation of X Holdings' stock by 32.37% in October, marking the largest monthly adjustment since the company supported Elon Musk's acquisition in 2022. However, this valuation is still nearly 72% lower than Musk's initial purchase price of $44 billion. Fidelity also has a connection with X Holdings through its equity in xAI, which participated in xAI's $6 billion Series B financing. It raised the value of these stocks by about 70% in October, which may have affected its valuation method for X Holdings.