Valor Equity Partners to distribute $8.5 billion of SpaceX stock
Business
Valor Equity Partners, one of SpaceX's biggest investors after Elon Musk, is sharing about $8.5 billion worth of its SpaceX stock with its limited partners.
Instead of giving away a chunk of shares all at once, they're passing them along to investors; this move was revealed in an SEC filing.
Valor seeks to avoid SpaceX selloff
By distributing shares instead of dumping them on the market, Valor hopes to avoid tanking SpaceX's stock price (which has already dropped about 10% since its blockbuster IPO day).
This approach also could give their partners some tax perks.
Even after this big handout, Valor still holds over 460 million shares.