SpaceX deal to propel Musk’s wealth
ELON MUSK’S personal wealth is to soar by as much as $6bn (£4.7bn) thanks to a new investment round that could reportedly value his company SpaceX at $44bn.
The tech mogul, whose net worth has already more than tripled since the start of this year, is in talks with investors to raise about $1bn at a price of $270 per share, according to Bloomberg News. If completed on those terms, such a deal would propel the value of Mr Musk’s stake from $18bn to just under $24bn – despite the fact that SpaceX is not predicted to generate a positive free cash flow until 2033.
It comes after bumper financial results for Mr Musk’s other company, Tesla, which drove its stock price to new heights by reporting a fourth consecutive quarterly profit despite the coronavirus pandemic. The electric carmaker has enjoyed a record-breaking bull streak this year, launching Mr Musk towards the top of the rich list as it has lifted his net worth from about $22bn in January to $71bn now.
SpaceX had not responded to a request for comment at the time of publication.