Norway’s wealth fund holds $1.56 billion stake in SpaceX
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SpaceX shares rallied sharply in the wake of its record-breaking IPO in late June, but this was followed by a sharp pullback.
PHOTO: REUTERS
- Norway’s US$2.3 trillion wealth fund holds a 0.05% stake in SpaceX worth US$1.22 billion as of June 30, revealed for the first time on Aug 11.
- The fund’s stakes in major tech companies like Nvidia, Apple, and Microsoft are much larger, each valued tens of billions of dollars.
- Elon Musk controls over 80% of SpaceX voting rights, raising governance concerns; the fund will announce its half-year results on Aug 12.
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ARENDAL, Norway – Norway’s US$2.3 trillion (S$2.9 trillion) wealth fund, the world’s largest, held a 0.05 per cent stake in SpaceX worth US$1.22 billion as at June 30, it said for the first time on Aug 11, in an updated list of holdings.
The fund’s stake in SpaceX is modest when compared with other tech stocks the fund holds.
It holds a 1.28 per cent stake worth US$62 billion in Nvidia, a 1.24 per cent stake worth US$52 billion in Apple, a 1.17 per cent stake worth US$50 billion in Alphabet, a 1.27 per cent stake worth US$35 billion in Microsoft and a 1.7 per cent stake worth US$34 billion in Taiwan Semiconductor Manufacturing Co, fund data showed.
Investing the Norwegian state’s revenues from oil and gas production, the fund owns on average a 1.5 per cent stake in all listed companies globally, making it the world’s largest single investor.
Overall, the fund is invested in some 7,100 companies globally. It also invests in stocks, property and renewable projects.
SpaceX shares rallied sharply in the wake of its record-breaking initial public offering in late June, followed by a sharp pullback as investors questioned whether a lofty valuation of 77 times expected revenue could be justified.
Founder Elon Musk holds more than 80 per cent of voting rights and combines the roles of chair, chief executive and chief technology officer, raising questions about the company’s governance and the rights of independent shareholders such as the fund.
The Norwegian sovereign wealth fund will hold a press conference on Aug 12 at 0800 GMT (4pm in Singapore) to present its half-year results. REUTERS
