Categories
Audio Sources - Full Text Articles

SpaceX stock: Elon Musk’s space exploration company is privately held

Elon Musk in a black suit, pointing up, in front of a giant screen

AP

  • SpaceX is a Elon Musk’s privately held space exploration company.
  • SpaceX has made more than 240 launches in its 21-year history.
  • The company could soon reach a valuation of $150 billion. It is unclear if it will ever hold an IPO.
  •  

SpaceX is a private company specializing in space launches, has previously raised funds from both NASA and the United States Department of Defense.  SpaceX’s valuation could soon be at $150 billion.

Because it’s a private company, it’s not easy for an ordinary person to buy stock. There are firms, like EquityBee, that allow people to invest in companies prior to their Initial Public Offering. 

SpaceX is not currently publicly planning to become a public company, but it is reportedly considering a sale of employee stock shares, which would increase its valuation to $150 billion. SpaceX has previously sought investments from private sources and sold shares to employees to gain capital and reward employees.

In 2018 Musk tweeted that he had “funding secured” to take electric vehicle manufacturer Tesla private. This statement landed the Tesla and SpaceX CEO in hot water with Tesla investors, who sued him claiming that he manipulated Tesla’s share price when it shot up 11% in a matter of hours.

The United States Federal Securities and Exchange Commission later alleged that the proposed buyout price point of $420 per share was done to amuse his then-girlfriend Grimes. Musk denied this allegation and two days later on September 29, 2018 settled the SEC’s fraud charges, agreeing to pay $40 million in penalties and stepping down as Tesla chairman.

This past January Musk told the civil court hearing the investors’ lawsuit that he was counting on the sale of SpaceX stock to take Tesla private.

“SpaceX stock alone meant ‘funding secured’ by itself. It’s not that I want to sell SpaceX stock, but I could have, and if you look at the Twitter transaction — that is what I did. I sold Tesla stock to complete the Twitter transaction. And I would have done the same here,” Musk told the court.

Elon Musk founded SpaceX in 2002.

Read the original article on Business Insider
Spread the news
WP Radio
WP Radio
OFFLINE LIVE