Norway’s $2.3 trillion sovereign wealth fund has revealed a 0.05 per cent stake in SpaceX worth $1.22 billion, marking its first reported holding in Elon Musk’s space company.
Norway's $2.3 trillion sovereign wealth fund, the world's largest, held a 0.05 per cent stake in SpaceX worth $1.22 billion as of 30 June, the fund said in an updated list of its holdings.
The disclosure offers a rare public look at how one of the world's biggest institutional investors is positioned in Elon Musk's rocket and satellite company following SpaceX's record-breaking public listing earlier this year.
The SpaceX holding remains modest compared with the fund's largest technology positions. The fund held a 1.28 per cent stake in Nvidia worth $62 billion, a 1.24 per cent stake in Apple worth $52 billion, a 1.17 per cent stake in Alphabet worth $50 billion, a 1.27 per cent stake in Microsoft worth $35 billion and a 1.7 per cent stake in Taiwan Semiconductor Manufacturing worth $34 billion, according to fund data.
The fund invests revenues from Norway's oil and gas production and owns an average of 1.5 per cent of all listed companies globally, making it the world's largest single investor. Overall, it is invested in about 7,100 companies worldwide and also holds property and renewable energy assets.
SpaceX shares rallied sharply after the company's record IPO in late June, before pulling back as investors questioned whether a valuation of 77 times expected revenue could be justified.
Musk holds more than 80 per cent of voting rights and combines the roles of chair, chief executive officer and chief technology officer, raising questions about the rights of independent shareholders such as the Norwegian fund.
The Norwegian sovereign wealth fund is due to hold a press conference at 08:00 GMT on Wednesday to present its half-year results.
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