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Tesla is authorized to convert its xAI investment into SpaceX shares before the SpaceX IPO.
Investing.com – According to documents submitted to the U.S. Federal Trade Commission on Wednesday, Tesla has received government approval to convert its investment in Elon Musk’s xAI into shares of SpaceX.
The documents show Tesla acquired shares of SpaceX from Musk, who serves as CEO of both companies. They also reveal Musk sold holdings to investors including Valor Equity Partners and DFJ Growth.
Although these documents were required for transactions valued at over $133.9 million, the size of the shareholdings was not disclosed.
Bloomberg reported on Thursday that Tesla’s filings relate to its previously announced $2 billion investment in xAI, which is being converted into SpaceX shares after the AI company merged with the space launch firm. This investment accounts for less than 1% of Tesla’s holdings.
This conversion formalizes the financial link between Musk’s two major businesses ahead of SpaceX’s planned initial public offering.
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