Constancy marked up the worth of its holdings in Elon Musk’s X (previously Twitter) by 32.37% in October, based on a report in Axios.
Even with this markup, Constancy nonetheless values the corporate at 72 p.c lower than the $44 billion that Musk purchased it for in 2022.
Axios studies that this transfer might be related to xAI — Constancy invested within the Musk-founded AI startup’s $6 billion Series B earlier this yr, and the agency additionally marked up its xAI shares by 70 p.c in October. xAI’s chatbot Grok was skilled on X information and is offered to X subscribers; X might also 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 triggered a spike in traffic at X, whereas additionally seemingly driving millions of users to competing services like Bluesky.
