At a tumultuous time for the billionaire founder who lost the title of the world's richest person last month, his rocket company has raised $750 million in its latest funding round.
The Surface Water and Ocean Topography (SWOT) spacecraft is going to be launched from the Space Launch Complex 4E.
According to CNBC, the latest funding round is believed to be led by the venture capital firm.
The $137 billion valuation is an increase from the $127 billion that the company was valued at in May 2022.
The funding round comes after a busy year for the company, in which it carried out 61 launches of its Falcon rockets and had 1 million subscribers.
According to a report in November, the company was planning to allow insiders to sell their shares in the secondary market at a valuation of up to $150 billion. A month later, the company settled at a slightly lower valuation, according to a report.
Our estimates show that Musk's net worth has fallen by more than half from a peak of $320 billion. The slump was caused by the poor performance of the stock. In December, Bernard Arnault overtook Musk as the world's richest person.
Over the course of the past year, Musk has been involved in a number of controversies, many of which have arisen from his late October acquisition ofTwitter. Musk has relied on polls to make arbitrary policy and rule changes in order to turn the social media platform into a "free speech" haven. Musk has embraced right wing talking points and conspiracy theories while targeting people he doesn't like. The slide in the electric carmaker's stock has been blamed on Musk's scandals on the social networking site. NASA Administrator Bill Nelson asked the company's COO about the impact of Musk's "distraction" on the company. Shotwell said there was nothing to worry about. Musk said last month that he would step down as CEO of the micro-blogging site.
The company is raising $750 million at a $137billion valuation.
The company is considering a secondary share sale that would be worth $150 billion.
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