World’s most valuable carmaker’s CEO rakes in $27.9Billion in 71days
Elon Musk‘s investment has increased to $165 billion from the beginning of the year as a result of the recent surge in his stake in SpaceX as Tesla’s stock price drops nearly 70% in 2022. SpaceX is a closely held rocket company that serves the US National Aeronautics and Space Administration. Tesla is the most valuable carmaker in the world and is publicly traded. Musk started and continues to run a number of businesses, but SpaceX is by far the biggest.
Data compiled by NewsOTG shows that Musk’s share in SpaceX has increased dramatically since the beginning of the year, partly as a result of the company apparently obtaining $750 million in a fresh round of investment that values it at $137 billion, a 20% increase. After revelations in November that SpaceX was in discussions for an offering that could value the business up to $150 billion, the round includes investors like Andreessen Horowitz. In June 2022, the company raised $1.68 billion through equity financing, and Alphabet and Fidelity Investments are among its backers.
In addition to carrying passengers and freight payloads for NASA, SpaceX is also aiming to make significant sums of money with its expanding Starlink constellation of internet satellites. Electric automobiles and residential solar batteries are sold by SpaceX, the most valued automaker in the world with headquarters in Austin, Texas. In order to produce rockets at lower costs, Space Exploration Technologies (SpaceX) was established. The Falcon 1 rocket, which was flown for the first time in 2006, and the larger Falcon 9, which was launched for the first time in 2010, were its first two rockets. The company owns about 44 percent of the company, which was valued at nearly $137 billion in the most recent funding round.
Musk, the CEO of Twitter intends to buy the closed Silicon Valley Bank and turn it into a digital bank. This bank, which is used by over half of all venture-backed companies in the US, was shut down by regulators last Friday after customers rushed to withdraw their money out of concern for the viability of the bank. The 16th-largest bank in the US was acquired by the Federal Deposit Insurance Corporation (FDIC) and its insured deposits were transferred by the FDIC to the DINB. VC firms have stated that they support SVB, but the recent developments have alarmed Indian investors and SaaS businesses, and some have begun withdrawing their deposits. William Ackman has urged that the US government should pursue a “very dilutive” bailout for the institution.