SpaceX, the company created by Elon Musk that builds rockets and satellites, has just agreed to buy up to $1.25 billion worth of shares from insiders. This deal sets the company’s value at around $350 billion, which is a big jump from just three months ago when the shares were valued at $112 each. In fact, the new price for each share is now $185!
Musk shared on X that it’s surprising how few investors wanted to sell their shares, even at this high value. To make room for new investors, SpaceX decided to buy back fewer shares from current employees.
With this new valuation, SpaceX remains the most valuable private startup in the world, worth more than some major public companies. This shows how well Musk’s businesses are doing since the recent U.S. elections. SpaceX has been a leader in launching rockets for NASA, the military, and other companies, and is building a large network of Starlink satellites to provide internet services.
Musk’s wealth has also skyrocketed to about $384 billion, reflecting the strong interest from investors in his ventures. This buying and selling of shares allows people who own parts of SpaceX to make money while keeping the company private.
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