Elon Musk's artificial intelligence company, xAI, reportedly reached a valuation of $50 billion just 16 months after its founding in July 2023. It is now worth more than what the billionaire paid for Twitter.

The artificial-intelligence company has told investors it raised $5 billion in its latest funding round.

Fidelity has raised the estimated value of its stake in Elon Musk’s X (formerly Twitter) by 32.37% in October, according to an Axios report. Despite the boost, the social media platform is still valued at nearly 72% less than the $44 billion Musk paid to acquire it in 2022.

Elon Musk founded xAI in July 2023 with a 12-person staff. In just under a year and a half, the company has been valued at a reported $50 billion.

Fidelity marked up the value of its holdings in Elon Musk's X by 32.37% in October, Axios reported Sunday, possibly boosted by the social media's stake in xAI.  Despite the markup, Fidelity still values the platform formerly known as Twitter at a 72% discount to the $44 billion Musk purchased it for in 2022.