Fidelity Fund Boosts Value of Elon Musk’s X Social Network
- Fidelity mutual fund marked up its equity stake in X by 32%
- X’s valuation is still down considerably since Musk’s takeover
Fidelity’s fund has marked down X’s valuation by nearly 72% since Musk bought the company for $44 billion in October 2022.
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A Fidelity Investments mutual fund increased the value of its equity stake in Elon Musk’s X by more than 32% in October, its largest monthly increase since making the investment in late 2022.
Fidelity’s Blue Chip Growth Fund valued its stake in X Holdings Corp., the parent of the social network, at $5.53 million at the end of October, up from $4.19 million in September, according to the fund’s monthly report. The fund originally invested about $19.7 million in October 2022.