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Fidelity reportedly hiked the value of its stake in X, formerly known as Twitter, in October, signalling the largest monthly increase in the platform's value since Elon Musk's takeover.
According to Axios-cited sources, the financial services firm upped the value of its investment in X by 32.37%.
Fidelity had cut its estimate for the stake's value in both March and January, with X still said to be worth 72% less than the US$44 billion Musk paid in 2022.
However, the increase coincided with a roughly 70% surge in the value of Fidelity's stake in Musk's xAI artificial intelligence start-up.
X is understood to hold a major stake in xAI, with its large language model being trained on data from the social media platform.
The increase in October preceded news of Donald Trump's US election victory, through which Musk, a vocal supporter of the former president, is expected to directly benefit.
Shares in Musk's Tesla Inc (NASDAQ:TSLA) have soared in the wake of Trump's win, following both Musk's support and the president-elect's pledges to slash taxes and deregulate certain sectors.
xAI separately raised some US$5 billion last month in a deal said to have doubled its valuation, according to the Financial Times.