Elon Musk bought $1.4B SpaceX shares from employees using trust
Business
Elon Musk bought last year $1.4 billion worth of SpaceX shares from employees, using a trust under his control.
This move, revealed in a confidential IPO filing, helps Musk lock in even more control as SpaceX gears up to go public.
The company is already making big profits, about $8 billion last year on revenues up to $16 billion.
Elon Musk could get 60 million shares
If SpaceX's value ever reaches $6.6 trillion, Musk could get 60 million extra shares as part of an ambitious growth plan that includes building AI data centers in space.
Plus, when the company goes public, it will use a dual-class share system: regular investors get one vote per share, while Musk and insiders keep most of the decision-making power with special shares worth 10 votes each.