There is a full thread on here somewhere about a tool that may be identical to that one. I bought one myself, hoping to use it one day. Discussed extensively in the thread, and I think the final answer is that the hole the axle shaft goes through is too small to work as it should on the X5, at least for the front axles.

Here's a video of a similar tool. Problem with the x5 is that there are not enough threads available for the nut since the splined part of the shaft is too big for the hole at this point in the video.
https://youtu.be/DzEuu2F-tX8?t=51


Search on here and you should find it. But at the low price, I have no regrets having bought it. I often find ways to use things like this.

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2001 X5 3.0i, 203k miles, AT, owned since 2014