Musk discloses 48.4% stake in SpaceX in regulatory filing
Elon Musk held a 48.4% stake in SpaceX as of June 30, a regulatory filing showed on Thursday, valuing his holding at more than $900 billion at current market prices. The rockets-to-AI company went public on June 12 after a record-setting IPO that raised $85.7 billion and vaulted the company’s market cap past $2 trillion. However, its valuation has since retreated as enthusiasm faded. Musk owns…
Tesla has unveiled a $10.1 billion solar factory proposal in Texas, aiming to boost the US's solar manufacturing capacity and outpace the current 74.1 GW. The project, named Project Crystal Sun, would be built in Fort Bend County, southwest of Houston, and is expected to begin operations in Q1 2029, employing over 9,700 individuals.
Tesla's CEO, Elon Musk, said that both Tesla and SpaceX have individually targeted a 100 GW annual solar manufacturing capacity in the US, which he believes will be achieved within three years. This ambitious goal surpasses the existing US solar manufacturing capacity. The Texas filing revealed that Tesla would manufacture photovoltaic solar cells and/or assembled solar modules, along with equipment for key stages of the solar supply chain.
The company is actively seeking approval from state and local officials for tax incentives tied to the project, with construction expected to start this year and complete by 2028.
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