Norway’s wealth fund holds US$1.2 billion stake in SpaceX
Norway’s US$2.3 trillion (S$2.9 trillion) fund, the world’s largest, delivered an updated list of holdings on Aug 11.
Norway's US$2.3 trillion (S$2.9 trillion) wealth fund, the world's largest, disclosed on August 11 its stake in SpaceX, amounting to US$1.22 billion, equivalent to 0.05 percent of the company. This modest investment compared to other tech stocks like Nvidia, Apple, Alphabet, Microsoft, and Taiwan Semiconductor Manufacturing that the fund holds.
The fund, which invests Norway's oil and gas revenues, typically holds an average of 1.5 percent of all listed companies globally, making it the world's largest single investor. With a portfolio of 7,100 companies globally, SpaceX shares surged after its IPO in late June, only to decline as investors questioned its valuation of 77 times expected revenue.
Elon Musk controls over 80 percent of SpaceX's voting rights and serves as chairman, CEO, and CTO, sparking discussions about the company's governance and shareholder rights. The Norwegian sovereign wealth fund will hold a press conference on August 12 at 0800 GMT to present its half-year results.
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