Musk Snaps Up $1.4bn in SpaceX Shares Ahead of Stock Listing
Billionaire Elon Musk has increased his stake in the SpaceX company by purchasing $1.4bn worth of shares from current and former employees, according to The Information. The transaction was carried out through his investment fund and reportedly appeared in draft documents for SpaceX's planned stock market listing.
SpaceX approved a plan last month that could net Musk 60 million additional shares if the company raises its market value from approximately $1.1tn to $6.6tn. He would acquire those shares incrementally, each time the company's market value increases by another $500bn.
The plan also reportedly includes a space data center project that would provide computing power for artificial intelligence (AI) developers.
Reuters said it had not been able to verify the information, and SpaceX did not respond to requests for comment.