Fidelity marks up the value of Elon Musk's X

By the numbers: Fidelity still holds X at around a 68% discount to its per share purchase price in the fall of 2022.

The big picture: We don't ever know what metrics Fidelity uses to revalue shares of private companies, or if it has proprietary access to nonpublic information.

• One possibility is that it relies on publicly traded comps, most of which rose in December. For example, Snap was up 23% and Meta climbed nearly 9%.
• Fidelity also might be giving some credence to talk that existing X shareholders could be in line for shares in the new AI company Musk is forming.