$2,499,248,649,828 Wealth Fund Discloses Billion-Dollar Stake in Elon Musk’s SpaceX

Norway’s enormous sovereign wealth fund, Norges Bank Investment Management, has taken a substantial position in SpaceX, the leading private space firm founded by Elon Musk.

The Nowergian sovereign wealth fund disclosed that it owns roughly 7.3 million Class A shares in SpaceX, representing a 0.05 percent stake valued at $1.22 billion as of June 30th, reports The Globe and Mail.

Norges Bank Investment Management revealed the position in an updated holdings list released this week alongside results showing a record first-half profit of $184 billion driven largely by technology investments.

SpaceX shares surged after the company’s major IPO in late June before easing amid scrutiny over a valuation that is nearly 77 times projected revenue.

The new holding stays modest next to the fund’s bigger technology positions, such as a 1.3 percent stake in Nvidia worth nearly $62 billion and a 1.2 percent Apple holding valued at about $53 billion. Norges Bank Investment Management also holds a 1.17% stake valued at $50 billion in Google parent Alphabet, a 1.27% stake valued at $35 billion in Microsoft and a 1.7% stake valued at $34 billion in contract chip maker Taiwan Semiconductor Manufacturing.

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