Elon Musk’s company topped the ranking of the most expensive private startups in the world
SpaceX, founded by Elon Musk, has become the most valuable private startup in the world after offering investors to buy the company’s shares. The value of the manufacturer of rockets and satellites increased to $350 billion, which became possible thanks to a 65% increase in share prices. About this informs Financial Times.
SpaceX has overtaken ByteDance, the owner of TikTok, which was last month valued at around $300 billion. SpaceX itself plans to buy back shares worth about $500 million, the rest of the funding will be provided by external investors who want to support Musk’s business.
Additionally, it became known that Musk spent more than $260 million during the US presidential election to help Donald Trump return to the White House. According to Trump, Musk, along with businessman Vivek Ramaswamy, will lead a new agency that will deal with government reform and cutting red tape.
In addition, SpaceX received a contract from the Pentagon to expand Ukraine’s access to the protected version of the Starlink satellite network. Under the contract, 2,500 Starlink terminals already in use in Ukraine will have access to the Starshield system, an encrypted and secure signal that is more difficult to intercept or jam. This adds to the 500 terminals previously connected to Starshield.
