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April 21 (Reuters) – Elon Musk increased his stake in SpaceX last year by purchasing $1.4 billion worth \u200cof stock from current and former employees, \u200cThe Information reported on Tuesday.<\/p>\n
The secondary stock purchase, made through Musk’s \u200btrust, was disclosed in a draft of SpaceX’s confidential IPO prospectus, the report said.<\/p>\n
SpaceX also approved a plan last month that would award the billionaire CEO 60 million \u200cadditional shares if \u2060the company\u2019s market capitalization climbs from $1.1 trillion to as high as $6.6 trillion and the \u2060firm completes an ambitious plan of building data centers in space to supply compute for AI developers, The Information \u200bsaid.<\/p>\n
The stock \u200bwould vest as SpaceX \u200bincreases its market cap \u200cin $500 billion increments, according to the Information.<\/p>\n
Reuters could not immediately verify the report.<\/p>\n
SpaceX did not immediately respond to a request for comment.<\/p>\n
The company, which confidentially filed for a U.S. listing in March, generated about $8 billion in \u200cprofit last year on revenue \u200bof $15 billion to $16 billion, Reuters \u200breported in January.<\/p>\n
SpaceX \u200bplans to use a dual-class equity structure \u200cthat gives Class B shareholders \u200b10 votes each, \u200bReuters reported on Tuesday, concentrating power with Musk and a handful of other insiders, while Class \u200bA shares sold \u200cto public investors will carry one vote each.<\/p>\n
(Reporting \u200bby Chandni Shah in Bengaluru; Editing by \u200bJanane Venkatraman and Mrigank Dhaniwala)<\/p>\n<\/p><\/div>\n