Elon Musk just broke another record, and right after Cryptopolitan reported that Delaware’s Supreme Court cleared his long-disputed $56 billion Tesla pay deal and reversed the earlier ruling that had wiped it out.
The judges said the lower court acted too harshly by canceling the 2018 arrangement without giving Tesla a real chance to argue what fair pay should look like.
Forbes said that ruling sent Elon’s net worth to $769 billion, putting him far ahead of Google co-founder Larry Page, who sits at $252.6 billion. The new ranking also places Elon closer than ever to becoming the first trillionaire on the planet.
Court decision drives new attention to Tesla and SpaceX
At the same time this court outcome landed, Elon’s other giant business, SpaceX, is preparing an insider share sale that would value the company at $800 billion, which would make it the most expensive privately held company in the world.
If it becomes public next year, it would be the largest listing ever. Traders calling themselves “Elon exposure” seekers are watching for a chance to buy into the company after years of waiting.
Some investors say a SpaceX listing could lift Tesla again because both companies feed into each other. They think a public stock offering could push more attention toward Elon overall, which has already happened in the past whenever something major occurred inside his business network.
That idea is already floating around the market as people try to guess how fast the IPO could move and what it would mean for both companies.
Tesla’s stock has also been rallying even more, thanks to the attention around SpaceX. At press time, it is up 48% year-to-date.
SpaceX plans fuel new proposal from Billy Ackman
Then Billy Ackman jumped in with his own idea on X, writing directly to Elon:
“@elonmusk, what if we took @SpaceX public by merging it with Pershing Square SPARC Holdings, Ltd. (SPARC) a new form of acquisition company that was approved by the @SECGov.”
Billy said he has a full plan for how Tesla shareholders could receive SPARC special purpose acquisition rights, which would let them invest in the SpaceX listing or sell their rights if they want cash instead, adding that this setup would open the process to every Tesla shareholder.
Billy said SPARC would run due diligence, bring $4 billion in capital at a fixed share price, and skip underwriting fees, founder stock, and shareholder warrants.
The investor then explained that a 100% common-stock structure would keep things clean and low-cost. In Billy’s words:-
“Assuming we issue 0.5 SPARs for each share of Tesla, there would be 1.723 billion SPARs outstanding including the 61.1 million SPARs that are already outstanding. Since one SPAR would be exercisable for two shares of SpaceX, the SPARs would be exercisable for 3.446 billion total SpaceX shares.”
He gave two exercise-price examples. At $11.03, SpaceX could raise $42 billion, with $38 billion from SPAR holders and $4 billion from Pershing Square. At $42, SpaceX could raise $148.7 billion, with $144.7 billion from SPARs and $4 billion from Pershing Square.
Billy said SPARC didn’t care how many shares were primary or secondary, which would give the company breathing room.
He also said SPARC could sign a firm agreement within 45 days, making the deal certain except for SEC approval. He added they could begin right away and announce everything by mid-February, and finished with: “To Mars and beyond! What do you say?”
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