UPDATE
Dec 12, 2024 1:30 AM CST
Shortly after the news that SpaceX has exploded in value came the news that Elon Musk has become the first person to surpass $400 billion in net worth. An estimate by Bloomberg News says Musk, who reportedly owns 42% of SpaceX, is now worth $440 billion. Also adding to his jump in worth: Tesla shares hit a record high Wednesday, NBC News reports.
Dec 11, 2024 10:05 AM CST
Elon Musk's SpaceX appears to be worth twice what it was last year. Bloomberg and the Financial Times report the company and its investors have agreed to buy back stock from employees at $185 a share, which values SpaceX at $350 billion. That would make SpaceX the most valuable private startup on the planet, per the Times. An employee share sale in 2023 pegged the company's value at $180 billion, and the Times reports that just a month ago, SpaceX had suggested pricing shares at $125, which would have made for a $250 billion valuation. That figure was "bumped ... up by an eye-watering $100 billion amid extremely high investor appetite."
Musk wrote on X, "What's really crazy about this is that almost no investors wanted to sell shares even at a $350B valuation! SpaceX reduced the amount of shares it bought back from employees in order to allow some new investors in." SpaceX itself has reportedly offered to buy back $500 million of employee shares, with investors bringing the total buyback to up to $1.25 billion. The Guardian reports SpaceX "earn[s] substantial sums from US government contracts," flagging more than $700 million in contracts that were secured in October alone from the US Space Force. Many expect things to get even rosier under a Trump administration. Musk holds a 42% stake in the company. (More SpaceX stories.)
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