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Elon Musk Denies Report On SpaceX's Middle East Funding: 'Not True'

Benzinga logo Benzinga 3/24/2023 Anan Ashraf
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SpaceX CEO Elon Musk said that reports on his space exploration company planning on investments from Saudi Arabia and UAE investors is “not true.”

What Happened: “Not True,” Musk Responded to Teslarati’s report on SpaceX planning investment from Saudi Arabia and UAE investors.

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SpaceX was reportedly looking at investment from a unit of Saudi Arabia‘s investment fund and an Abu Dhabi based company. Badeel — Saudi Arabia’s Water and Electricity Holding Company, which is part of the country’s Public Investment Fund — and the United Arab Emirates’ Alpha Dhabi are involved in SpaceX's multibillion-dollar funding round, The Information reported on Thursday.

The funding round was expected to value SpaceX at about $140 billion, the report added, citing two people familiar with investor discussions.

Early this year, Musk had said that Saudi's Public Investment Fund "unequivocally" wanted to take his electric vehicle company Tesla Inc. (NASDAQ:TSLA) private. But the Saudi backers later backtracked on the commitment.

Check out more of Benzinga’s Future Of Mobility coverage by following this link.

Read More: Mars Awaits! Elon Musk Sets Starship’s Launch Attempt for April

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