Norway’s Wealth Fund Reveals $1.22bn SpaceX Stake

Norway’s sovereign wealth fund, the world’s largest, has disclosed the value of its stake in SpaceX for the first time. As of the end of June, it owned about 0.05% of the company, worth $1.22bn.

The holding is relatively small compared with the fund’s other technology investments. It owned a 1.28% stake in Nvidia worth about $62bn, a 1.24% stake in Apple worth $52bn and a 1.17% stake in Alphabet worth $50bn. It also held a 1.27% stake in Microsoft worth $35bn and a 1.7% stake in Taiwan Semiconductor Manufacturing worth $34bn.

The fund manages Norway’s revenues from oil and gas production and owns an average of about 1.5% of all listed companies worldwide. Overall, it invests in about 7,100 companies as well as real estate and renewable energy projects.

SpaceX shares surged following a record-breaking initial public offering (IPO) in late June before falling sharply as investors questioned whether a valuation of 77 times expected revenue could be justified.

Founder Elon Musk controls more than 80% of the voting rights and simultaneously serves as chairman, chief executive officer (CEO) and chief technology officer (CTO), raising questions about the company’s governance and the rights of independent shareholders.

(Reuters, luc)