Elon Musk boosts SpaceX stake with $1.4 billion purchase

Elon Musk increased his stake in SpaceX last year by purchasing $1.4 billion worth of stock from current and former employees, News.Az reports, citing The Information.

The secondary stock purchase, carried out 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 to award the billionaire CEO 60 million additional shares if the company’s market capitalization rises from $1.1 trillion to as high as $6.6 trillion, and if it completes an ambitious project to build data centers in space designed to provide computing power for artificial intelligence developers.

According to the report, the shares would vest in stages as SpaceX’s market value increases in $500 billion increments.

News.Az 

By Nijat Babayev