Musk discloses 48.4pc stake in SpaceX in regulatory filing

Elon Musk held a 48.4 percent stake in SpaceX as of June 30, a regulatory filing showed on Thursday, valuing his holding at more than US$900 billion (HK$7.02 trillion) at current market prices.

The rockets-to-AI company went public on June 12 after a record-setting IPO that raised US$85.7 billion and vaulted the company's market cap past US$2 trillion. However, its valuation has since retreated as enthusiasm faded.

Here are more details:

• Musk owns 6.42 billion shares, and exercises sole voting and dispositive power over them, the filing showed. He has held more than 82 percent of SpaceX's voting power since the IPO, emphasizing the extent of his sway over the company.

• The stake comprises 849.5 million Class A shares held by trusts where Musk is a trustee, 3.92 billion Class B shares held by those trusts, 1.30 billion restricted Class B shares held by Musk and 350 million Class B shares issuable upon exercise of stock options.

• After falling nearly 33 percent through the end of July, SpaceX shares have jumped 30 percent so far in August following its quarterly results and the expiry of the first of several lockup restrictions.

• Earlier this month, SpaceX posted its first quarterly earnings since its market debut, reporting a more than 90 percent jump in revenue and an exponential increase in capital spending.

Reuters

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