Musk bought $1.4 billion SpaceX shares last year: Report - The Economic Times

Elon Musk increased his stake in SpaceX last year by purchasing $1.4 billion worth of stock from current and former employees. The secondary stock purchase, made through Musk's trust, was disclosed in a draft ⁠of ⁠SpaceX's confidential IPO prospectus.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 capitalisation 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 stock would vest as SpaceX increases its market cap in $500 billion increments, according to the Information.

Reuters could not immediately verify the report.

SpaceX did not immediately respond to a request for comment.

The company, which confidentially filed for a US 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.