While many of Elon Musk’s recent decisions at the social media company have alienated some of its users, its valuation is on the up.

For the third consecutive month, Fidelity has adjusted the valuation of its holdings in X/Twitter, while still maintaining a significant markdown, as revealed by recent disclosures.

Fidelity augmented the valuation by 8% for the month ending on July 31, following a previous 11% increase in June.

Despite these adjustments, the investment behemoth continues to hold the shares at a substantial 58% discount, as per the disclosure released on Wednesday.

Notably, Fidelity played a role in financing Elon Musk’s acquisition of Twitter for $44 billion in October of the prior year.

Over the subsequent six months, the investment giant either marked down the stock’s value or retained it at the same level.

It’s important to note that while Fidelity is an investor in the privately held enterprise, it may not possess substantial insider insights into the company’s financial standing.

The company revises its valuations for all private company shares on a trailing monthly basis, offering little clarity on the methodology used.

Different holders of X shares evaluate the company’s value through varied lenses.