Norwegian Fund Holds $1.22B in SpaceX

Norwegian Government Pension Fund Global, the world's largest sovereign wealth fund with assets totaling $2.3 trillion, disclosed that it held a $1.22 billion (0.05%) stake in SpaceX as of June 30th. Although this share is relatively small compared to its investments in other tech giants like Apple, Nvidia, and Microsoft, the fund owns an average of about 1.5% of all publicly listed companies worldwide and invests in around 7,100 companies globally, including stocks, real estate, and renewable energy projects. This announcement coincided with a sharp increase in SpaceX's stock following its initial public offering, although the stock later declined amid questions about the company's high valuation—at 77 times its forecasted revenue—while Elon Musk, the company's founder, controls over 80% of voting rights. This raises governance and shareholder rights concerns. The fund is scheduled to hold a press conference to present its financial results for the first half of the year.

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