Musk Bought $1.4 Billion of SpaceX Shares, Helping Boost Control
Elon Musk increased his stake in SpaceX last year by purchasing $1.4 billion of stock from current and former employees, part of a series of moves leading up to the company’s initial public offering that increased his sway over the company.
The large secondary stock purchase was made through the mega-billonaire’s trust.
It was disclosed in a draft of SpaceX’s confidential IPO prospectus reviewed by The Information.
The document also revealed a new plan to award Musk with tens of millions of shares if SpaceX’s market cap increases to as high as $6.6 trillion.
- SpaceX is hosting Wall Street analysts for three days ahead of its planned $75 billion IPO Quartz —
- Elon Musk, insiders to retain voting control of SpaceX after IPO, filing shows The Globe and Mail —
- Musk, insiders to keep voting control of SpaceX after IPO RTE —
- Musk’s SpaceX tries to woo Wall Street with analyst meetings this week, sources say The Japan Times —
- SpaceX said to host three days of analyst meetings at Starbase, Colossus this week Seeking Alpha —