Musk discloses 48.4% stake in SpaceX in regulatory filing

Aug 13 (Reuters) – Elon Musk held a 48.4% stake in SpaceX as of June 30, a regulatory filing showed on Thursday, valuing his holding at more than $900 billion at current market prices.

The rockets-to-AI company went public on June 12 after a record-setting IPO that raised $85.7 billion and vaulted the company’s market cap past $2 trillion. However, its valuation has since retreated as enthusiasm faded.

Here are more details:

• Musk owns 6.42 billion shares, and exercises sole voting and dispositive power over them, the filing showed. He has held more than 82% of SpaceX’s voting power since the IPO, emphasizing the extent of his sway over the company.

• The stake comprises 849.5 million Class A shares held by trusts where Musk is a trustee, 3.92 billion Class B shares held by those trusts, 1.30 billion restricted Class B shares held by Musk and 350 million Class B shares issuable upon exercise of stock options.

• After falling nearly 33% through the end of July, SpaceX shares have jumped 30% so far in August following its quarterly results and the expiry of the first of several lockup restrictions.

• Earlier this month, SpaceX posted its first quarterly earnings since its market debut, reporting a more than 90% jump in revenue and an exponential increase in capital spending.

(Reporting by Anzar Mehraj in Bengaluru; Editing by Diti Pujara)