Twitter's corporate holding company is back to $44B because it owns 25% of xAI (Grok) which they are valuing at $75B.

The actual Twitter asset value was down at around $10B, and on secondary is around $20B~ (with the only difference being Elon's role post election)

In fact Twitter traffic continues to slide, and RPMs are massively down, while total ad impressions are up (suggesting that a lot of people cancelled their Premium+ with the bump to $50/month)

Elon had 25% of xAI go to Twitter in exchange for access to Twitter data, allowing him to pad the book value away from levels that would put his buyout loans in jepordy.

So Twitter as an asset is probably still in that $10B or so range and struggling.

The entity has a generous premium from political influence, and ownership of another company.

But in a spin out I'd guess Twitter itself goes for $8B - $12B by itself, where as the xAI stock would be used to settle balance debt from the levered buyout.