Elon Musk, the billionaire founder of SpaceX, denied a media report on Friday that claimed investors from Saudi Arabia and the United Arab Emirates were planning to invest in a multi-billion dollar funding round for the company. The report from The Information had cited sources familiar with the discussions that a unit of Saudi Arabia’s investment fund and an Abu Dhabi-based company were planning to invest in SpaceX.
Musk responded to the report via Twitter, stating that it was “not true.” The funding round, which was reported to be valued at approximately $140 billion, would have been a significant investment in the rocket maker. However, Musk’s denial casts doubt on the report’s accuracy.
SpaceX has a track record of raising substantial amounts of money, having raised $2.6 billion in 2020 and $2 billion in 2022, according to venture capital firm Space Capital. Despite this, the company is still seeking additional funding to support its ambitious plans, including sending humans to Mars.
Musk’s tweet denying the report on SpaceX’s plans for new funding from Saudi and UAE investors is significant, as it suggests that the company may be seeking funding from other sources or may not require additional funding at this time. It also highlights the importance of accurate reporting and the impact that false or misleading information can have on markets and businesses.