@space7450: BREAKING: Elon Musk increased his stake in SpaceX last year by purchasing $1.4 billion worth ‌of stock from current and former employees, ‌The Information reported on Tuesday. The secondary stock purchase, made through Musk's trust, was disclosed in a draft of SpaceX's confidential IPO prospectus, the report said. SpaceX also approved a plan last month that would award the billionaire CEO 60 million ‌additional shares if ⁠the company’s market capitalization climbs from $1.1 trillion to as high as $6.6 trillion and the ⁠firm completes an ambitious plan of building data centers in space to supply compute for AI developers, The Information said. The company, which confidentially filed for a U.S. listing in March, generated about $8 billion in ‌profit last year on revenue of $15 billion to $16 billion, Reuters reported in January. SpaceX plans to use a dual-class equity structure ‌that gives Class B shareholders 10 votes each, Reuters reported on Tuesday, concentrating power with Musk and a handful of other insiders, while Class A shares sold ‌to public investors will carry one vote each.

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Wednesday 04 November 2026 04:30:43 GMT