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Musk denies report on SpaceX's plans for new funding from Saudi, UAE

Musk denies report on SpaceX's plans for new funding from Saudi, UAE

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Musk denies report on SpaceX's plans for new funding from Saudi, UAE

Reuters / Updated: Mar 24, 2023, 06:03PM IST

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Musk denies report on SpaceX's plans for new funding from Saudi, UAE

Elon Musk, the billionaire founder of SpaceX, denied a media report from earlier this week that said investors from Saudi Arabia and the United Arab Emirates were planning to invest in a multi-billion dollar funding round in the company.

A unit of Saudi Arabia's investment fund and an Abu Dhabi-based company are planning to invest in a multi-billion dollar funding round for SpaceX, the Information had reported on Wednesday, citing people familiar with the discussions.

Musk tweeted "not true" responding to the report.

The funding round is expected to value the rocket maker at about $140 billion, the report added.

SpaceX raised $2 billion in 2022 and $2.6 billion in 2020, according to venture capital firm Space Capital.

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