April 21 (Reuters) – Elon Musk increased his stake in SpaceX last year by purchasing $1.4 billion worth \u200cof stock from current and former employees, \u200cThe Information reported on Tuesday.<\/p>\n
The secondary stock purchase, made through Musk’s \u200btrust, was disclosed in a draft of SpaceX’s confidential IPO prospectus, the report said.<\/p>\n
SpaceX also approved a plan last month that would award the billionaire CEO 60 million \u200cadditional shares if \u2060the company\u2019s market capitalization climbs from $1.1 trillion to as high as $6.6 trillion and the \u2060firm completes an ambitious plan of building data centers in space to supply compute for AI developers, The Information \u200bsaid.<\/p>\n
The stock \u200bwould vest as SpaceX \u200bincreases its market cap \u200cin $500 billion increments, according to the Information.<\/p>\n
Reuters could not immediately verify the report.<\/p>\n
SpaceX did not immediately respond to a request for comment.<\/p>\n
The company, which confidentially filed for a U.S. listing in March, generated about $8 billion in \u200cprofit last year on revenue \u200bof $15 billion to $16 billion, Reuters \u200breported in January.<\/p>\n
SpaceX \u200bplans to use a dual-class equity structure \u200cthat gives Class B shareholders \u200b10 votes each, \u200bReuters reported on Tuesday, concentrating power with Musk and a handful of other insiders, while Class \u200bA shares sold \u200cto public investors will carry one vote each.<\/p>\n
(Reporting \u200bby Chandni Shah in Bengaluru; Editing by \u200bJanane Venkatraman and Mrigank Dhaniwala)<\/p>\n","protected":false},"excerpt":{"rendered":"April 21 (Reuters) – Elon Musk increased his stake in SpaceX last year by purchasing $1.4 billion worth…\n","protected":false},"author":2,"featured_media":620347,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[49,48,250,66,232916,306,6888,161427],"class_list":{"0":"post-620346","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-space","8":"tag-ca","9":"tag-canada","10":"tag-elon-musk","11":"tag-science","12":"tag-secondary-stock-purchase","13":"tag-space","14":"tag-spacex","15":"tag-the-information"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/620346","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=620346"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/620346\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/620347"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=620346"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=620346"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=620346"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}