PETE Davidson gifted Colin Jost a Cartier watch estimated to be worth around $20,000 as an olive branch after the former friends’ fall-out.

One insider exclusively told The U.S. Sun that the pricey gift from Pete, 31, was an olive branch, after he and his friend turned business partner, Colin, 42, had a rift last year.

A second source elaborated that the luxury watch was given shortly after Pete got out of rehab over the summer.

“This gift was a positive gesture that Pete made to Colin just after he got out of rehab,” the source explained.

Last year, an insider exclusively told The U.S. Sun that Colin had ended his 10-year friendship with Pete and the comedians were no longer on speaking terms.

The source said at the time that the situation had escalated to the point where Colin refused to even be at 30 Rock, the iconic location where Saturday Night Live is filmed, at the same time as Pete.

Pete first checked into rehab in 2016 as he was diagnosed with BPD and PTSD.

In 2019, he went to the Sierra Tucson Treatment Center in Arizona.

The comedian underwent treatment at another mental health facility in June 2023.

Most recently, he checked back into rehab at the end of July 2024.

A source revealed that Pete had left the facility after only a few weeks.

THE FALLING OUT

The source claimed, “Pete and Colin can’t be in 30 Rock together. Something big happened, and Colin is now refusing to be in the same building, let alone the same room as Pete.”

“Colin doesn’t want to be associated with him.”

That source added that it was unclear how the fall-out between the two comedians had affected their joint purchase of the decommissioned Staten Island Ferry.

However, an insider close to the business venture downplayed any rift at the time.

“They’re both very busy, and don’t talk as much as they used to.

“People move on, they work on other things, and other relationships, and they are just not as close to the people that they once worked with previously,” the business source claimed.

The vessel hosted its first official event when Tommy Hilfiger used it as a venue for his New York Fashion Week show in September of 2024.

Pete was notably absent from the event, while Colin was the only one present at the September 8 NYFW show.

During the event, the Saturday Night Live head writer reflected on the ill-fated ferry purchase, giving interviews in which he spoke critically of the 2022 decision.

In an interview with People, Colin admitted that buying the decommissioned Staten Island ferry was “absolutely the dumbest and least thought-through purchase I’ve ever made in my life.”

Colin and Pete originally acquired the ferry at auction for $280,000 as part of a partnership that also includes architect and developer Ron Castellano, as well as comedy club owner Paul Italia.

The partners have expressed big plans to turn the vessel into a fully functioning entertainment venue, which have yet to be seen.

Most recently, Colin and Pete both appeared on Saturday Night Live’s 50th Anniversary, and while the two were certainly in the same room at the same time, they did not appear in the same frame at any point.

The last time the men were seen together publicly was during the close of a Saturday Night Live episode on November 5.

AWKARD ENCOUNTER

The comedians shared a frosty interaction during the latest episode of Saturday Night Live, following reports of an alleged falling-out earlier this year.

On the late-night show, Pete participated in a skit alongside the episode’s host and his longtime friend, John Mulaney, as well as other cast members.

Meanwhile, Colin continued his usual duties as host of Weekend Update and even made a jab at his troubled Staten Island Ferry investment with Pete.

“A comedian at Trump’s rally referred to Puerto Rico as a floating island of garbage, and I take offense to that as someone who proudly grew up on an actual Island of garbage,” Colin joked, as a map of Staten Island, where he and Pete hail from, flashed on the screen.

“I’m just kidding. I don’t want to offend anyone back home, but just in case, I bought the only way they can get off the island and come find me,” he continued, referencing the Staten Island ferry he bought with his former SNL co-star.

The younger comedian was notably absent from the Weekend Update segment.

At the conclusion of the show, during the traditional SNL sendoff, the cast, musical guest Chappell Roan, and host John Mulaney gathered together on stage.

In that moment, Pete and Colin appeared to interact for what seemed to be the first time in quite a while.

Standing on opposite ends of the stage, the two moved toward one another after John made a joke while thanking Pete for his cameo.

They exchanged a handshake and briefly parted ways before reuniting for a short conversation.

Colin’s interactions with others on stage, however, seemed notably warmer. He gave John a big hug and expressed his thanks to Chappell with enthusiasm.

According to a report by Page Six, Colin later attended the show’s customary afterparty, but Pete reportedly opted to skip the event.