ARENDAL, Norway – Norway’s US$2.3 trillion (S$2.9 trillion) wealth fund, the world’s largest, held a 0.05 per cent stake in SpaceX worth US$1.22 billion as of June 30, it said for the first time on Aug 11, in an updated list of holdings.
The fund’s stake in SpaceX is modest when compared against other tech stocks the fund holds.
It held a 1.28 per cent stake worth US$62 billion in Nvidia, a 1.24 per cent stake worth US$52 billion in Apple, a 1.17 per cent stake worth US$50 billion in Alphabet, a 1.27 per cent stake worth US$35 billion in Microsoft and a 1.7 per cent stake worth US$34 billion in Taiwan Semiconductor Manufacturing, fund data showed.
Investing the Norwegian state’s revenues from oil and gas production, the fund owns on average 1.5 per cent of all listed companies globally, making it the world’s largest single investor.
Overall, the fund is invested in some 7,100 companies globally. It also invests in stocks, property and renewable projects.
SpaceX shares rallied sharply in the wake of its record-breaking IPO in late June, followed by a sharp pullback as investors questioned whether a lofty valuation of 77 times expected revenue could be justified.
Founder Elon Musk holds over 80 per cent of voting rights and combines the roles of chair, chief executive officer and chief technology officer, raising questions about the company’s governance and the rights of independent shareholders such as the fund.
The Norwegian sovereign wealth fund will hold a press conference on Aug 12 at 0800 GMT (4pm in Singapore) to present its half-year results. REUTERS
