NEW YORK, April 21 — Elon Musk increased his stake in SpaceX last year by purchasing US$1.4 billion (RM5.5 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 US$1.1 trillion to as high as US$6.6 trillion and the firm completes an ambitious plan of building data centres in space to supply compute for AI developers, The Information said.
The stock would vest as SpaceX increases its market cap in US$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 U.S. listing in March, generated about US$8 billion in profit last year on revenue of US$15 billion to US$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. — Reuters
