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Musk is the richest man in the world! Create a $100 billion giant outside of Tesla

via:财联社     time:2021/10/9 10:02:27     readed:60

Financial Union news (Shanghai, editor Zhou Ling)After insiders announced a secondary share sale this week, Tesla CEO Elon Musk and Middot were reportedly on the move. SpaceX, the space exploration technology company owned by Elon Musk, is valued at more than $100bn. That means musk has added $10.6 billion to his net worth, making him the world's richest man ahead of Amazon CEO Jeff Bezos.

Musk's net worth has soared to $223 billion, the highest in the world, according to the Bloomberg Billionaires Index. Amazon CEO Jeff Middot; Bezos came in second with $191.6 billion. Bezos' wealth has barely budged this year as Amazon's stock has stagnated as the outbreak has been brought under control.

SpaceX reached an agreement with new and existing investors to sell $755m of insider stock at $560 per share -- boosting the company's valuation to $100.3bn, according to multiple people familiar with the matter. The company is not raising new capital, just a secondary sale of existing shares.

The deal represents a 33% premium over SpaceX's $1.2 billion financing at a $74 billion valuation in February, when it traded at $419.99 a share. SpaceX conducted a similar secondary sale in February, when insiders sold about $750 million in shares.

SpaceX's latest valuation makes it one of the rarest privately held Centicorn companies in the world -- that is, companies valued 100 times as much as unicorns ($1bn). In the private market, SpaceX is now the world's second-most valuable startup, behind Bytedance and ahead of fintech company Stripe, according to research firm CB Insights.

It's worth noting that Boeing, the publicly traded company competing with SpaceX for the space contract, has a market value of just over $130 billion. Virgin Galactic, another SpaceX competitor, is much smaller, with a market capitalisation of just over $6bn.

The space market has huge potential

Over the past few years, SpaceX has raised billions of dollars to fund two capital-intensive projects -- Starship and Starlink, the satellite Internet -- sending the company's valuation soaring.

Starship is the next generation of giant rockets SpaceX is developing to launch cargo and send humans to the moon and Mars. The Starlink satellite Internet service is SpaceX's Golden Ticket.

Starlink is a satellite Internet project of SpaceX. Over five years, from 2019 to 2024, SpaceX plans to launch thousands of satellites needed for its network into low-Earth orbit, forming a "Starlink" network to provide Internet services. So far, starlink has launched more than 1,700 satellites.

SpaceX said in early August that its Starlink satellite Internet service already had about 90,000 users in 12 countries. In addition, Starlink has more than 500,000 orders/deposits worldwide.

SpaceX and its competitors are aiming for a foothold in the space market, which includes landing on the moon, asteroid mining and space tourism, according to Morgan Stanley. The space market could be worth as much as $1 trillion by 2040.

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