Musk denies SpaceX is raising funds at $800B valuation
What's the story
Elon Musk has denied recent reports suggesting that his aerospace company, SpaceX, is seeking a valuation of a whopping $800 billion. The billionaire entrepreneur took to X to clarify the situation. "There has been a lot of press claiming SpaceX is raising money at $800B, which is not accurate," he wrote.
Financial health
Musk highlights SpaceX's financial stability
Musk further emphasized SpaceX's financial stability by saying, "SpaceX has been cash flow positive for many years." He also revealed that the company conducts periodic stock buybacks twice a year. This practice is intended to provide liquidity for both employees and investors. The clarification comes after Bloomberg News reported that SpaceX was preparing to sell insider shares in a deal valuing the firm at up to $800 billion.
Profile
A look at SpaceX
SpaceX, founded in 2002, has established itself as a leader in launching commercial rockets. The firm also operates Starlink. It is a satellite internet service that had more than eight million customers worldwide as of last month.