Despite the tumble in Tesla shares, Elon Musk remains the richest person in the world. The US magazine Forbes gave his fortune in its real-time list of billionaires worldwide on Monday at a good 207 billion dollars, still much more than that of the luxury entrepreneur Bernard Arnault and behind them Jeff Bezos and Bill Gates, whose share packages recently also lost value. And another of Musk’s companies wants even more in this difficult environment: According to a report, SpaceX is in the process of raising $1.7 billion in new capital and is aiming for an overall valuation of $127 billion.
Tesla CEO’s SpaceX stake is becoming more valuable
Most of Musk’s fortune is still Tesla. In between, the company was even valued at well over $1 trillion from the stock market, so that its share alone accounted for more than today’s $200 billion. After exercising options and sales at the end of 2021 and further sales of Tesla shares this April, Musk still owned around 163 million shares, according to stock market reports. At Monday’s closing price of $674.90, that would mean the CEO’s Tesla stake is still worth about $110 billion.
All Tesla shares together recently cost around $700 billion, around 45 percent less than at the previous peak in November 2021. Musk’s sales of 13.5 million Tesla shares last year contributed to the subsequent decline, this year Then came a general stock market weakness and his Twitter purchase attempt, for which the CEO sold around 9.5 million shares. The largest private shareholder has therefore already called for a share buyback from Tesla.
With SpaceX, however, Musk is apparently unimpressed by the stock market weakness at Tesla and other technology companies. As the financial broadcaster CNBC reported on Sunday, he is in the process of raising 1.7 billion dollars in new capital with his space company. In addition, SpaceX employees should again have the opportunity to sell shares to external investors, this time with a volume of 750 million dollars. And according to CNBC, these transactions result in a new total valuation of $127 billion – a good quarter more than the previous share offering last October, in which SpaceX reached the third billion digit for the first time.
Musk companies are getting closer
As mentioned, Tesla has drastically lost stock market value since that time – so the two Musk companies are moving towards each other in this respect, even if Tesla is still valued about five times as high. According to a report by the New York Post, the current round of capital at SpaceX got off to a slow start. It is also not clear whether CEO Musk would like to give up part of his stake in it. He’s said to have never done that before, but it’s conceivable, because even after selling 9.5 million Tesla shares, he still needs billions of dollars for his takeover bid for Twitter. At the same time, the currently moderate interest in SpaceX could be related to the fact that Musk has already made commitments to co-finance the Twitter purchase from several of his usual financiers, reports CNBC.