Constancy marked up the worth of its holdings in Elon Musk’s X (previously Twitter) by 32.37% in October, in keeping with a report in Axios.
Even with this markup, Constancy nonetheless values the corporate at 72 % lower than the $44 billion that Musk bought it for in 2022.
Axios experiences that this transfer might be linked to xAI — Constancy invested within the Musk-founded AI startup’s $6 billion Collection B earlier this 12 months, and the agency additionally marked up its xAI shares by 70 % in October. xAI’s chatbot Grok was skilled on X information and is out there to X subscribers; X may have a big fairness stake in xAI.
The reported markup got here earlier than Donald Trump’s presidential election victory in November, with Trump promising that Musk will lead a brand new Division of Authorities Effectivity. The election brought about a spike in site visitors at X, whereas additionally seemingly driving tens of millions of customers to competing companies like Bluesky.
