Fidelity marked up the value of its holdings in Elon Musk’s X (formerly Twitter) by 32.37% in October, according to a report in Axios.

Even with this markup, Fidelity still values the company at 72 percent less than the $44 billion that Musk purchased it for in 2022.

Axios reports that this move is probably connected to xAI — Fidelity invested in the Musk-founded AI startup’s $6 billion Series B earlier this year, and the firm also marked up its xAI shares by 70 percent in October. xAI’s chatbot Grok was trained on X data and is available to X subscribers; X may also have a significant equity stake in xAI.

The reported markup came before Donald Trump’s presidential election victory in November, with Trump promising that Musk will lead a new Department of Government Efficiency. The election caused a spike in traffic at X, while also seemingly driving millions of users to competing services like Bluesky.