SpaceX has overtaken TikTok owner ByteDance, which is valued at nearly $300 billion.
Elon Musk’s SpaceX has become the world’s most valuable private startup after offering shares to investors. The Financial Times writes about it, citing sources.
The company’s estimated market value increased to $350 billion due to a 65% increase in the company’s stock prices.
Under the terms of the agreement, SpaceX and investors with an increased interest in the billionaire’s venture will buy $1.25 billion worth of company shares at a price of $185 per share.
SpaceX reportedly surpassed ByteDance, which owns TikTok, to be worth nearly $300 billion last month.
SpaceX itself will get about $500 million in shares, with the rest coming from outside investors.
The rise in SpaceX’s valuation comes as ties between Musk and US President-elect Donald Trump deepen.
Shares of Musk’s other company, Tesla, have risen in price by 60% since the US presidential election on November 5.
We remind you that Musk’s fortune after Trump’s election victory rose to a record $348 billion.
Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.