surprising fact
The Ontario Teachers’ Pension Plan has previously lost out on investments, notably a major investment it made into the ill-fated FTX cryptocurrency exchange in 2022. The fund made an investment of $95 million into FTX, and after the company filed for bankruptcy, Ontario Teachers’ said it would write its investment down to zero but claimed the loss would have “limited impact on the Plan.”
Read more What To Know About Trump’s Expected Appearance At Tonight’s Knicks Game
what to watch for
SpaceX is planning to debut on Nasdaq on Friday. Some analysts have suggested SpaceX is overvalued, including those at Morningstar, who believe SpaceX is worth less than half of its IPO target.
forbes valuation
Musk’s net worth is $796.3 billion as of Monday morning, according to Forbes estimates, making him the wealthiest person in the world by a margin of about half a trillion dollars. Musk owns about 41% of SpaceX and 12% of Tesla. A SpaceX IPO at a valuation of $1.75 trillion could make Musk the world’s first trillionaire, Forbes previously reported.
Read more Screwworm Cases Rise To 4 In Texas—Here’s How It Could Drive Up Beef Prices
key background
In 2019, long before SpaceX acquired xAI and when the company was just starting to launch its Starlink satellites, the Ontario Teachers’ Pension Plan announced a major investment into Musk’s space company. The investment was the first made by the pension fund’s Teachers’ Innovation Platform, now called the Teachers’ Venture Growth, which the pension fund says invests in late-stage technology companies. At the time of the initial investment, the teachers’ fund praised SpaceX as the “world’s leading private space launch provider,” adding it looked forward to working with the company as it rolled out its Starlink satellite technology. Ontario Teachers’ has since made follow-up investments into SpaceX, though the Globe and Mail reported it is unclear how many investments it has made and what the value of its stake is now.
further reading
SpaceX’s Reported IPO Price Would Make Elon Musk The World’s First Trillionaire (Forbes)
Read more Trump Says Iran And Israel Are Looking For ‘Immediate Ceasefire’ After Trading Strikes