wp_editor in custom post type is not saving formatted text like bold, italic etc

My custom post type has 5 custom meta boxes which use wp_editor. Visually I can format the content but when saved, all the formatting is gone.

For example I made a portion of my content bold, but when I save / update, the formatting is no longer there both in front end and back end (when I go back to edit the same post).

What is the right way to do this?

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