Elon Musk’s MAGA pals won big after his space exploration company went public in a record-breaking IPO.
SpaceX began trading under the ticker SPCX on Friday after Musk and COO Gwynne Shotwell rang the opening bell from Starbase in Texas and the Nasdaq MarketSite in New York.
The rocket company is selling 555.6 million shares at $135 a pop, making its IPO the largest on record at a staggering $75 billion. Investors quickly hopped on the bandwagon, sending SpaceX’s valuation soaring past $2 trillion.
The world’s richest man and President Donald Trump’s onetime bestie, 54, founded SpaceX in 2002. Musk is now the world’s first trillionaire, with his net worth surpassing $1.1 trillion following the launch of the IPO.
Over the years, it has amassed a who’s who of MAGA investors, from Donald Trump Jr. to the president’s handpicked head of the Small Business Administration, Kelly Loeffler.
At least 10 Trump administration officials reported financial interests in SpaceX or xAI, Musk’s artificial intelligence and social media firm that merged with it, according to public financial disclosures analyzed by Bloomberg.
In total, the federal staffers held SpaceX or xAI stock worth $9.9 million to $43.8 million, though they could have sold part or all of their holdings since making their disclosures last year.
Steve Witkoff
Steve Witkoff disclosed assets of $1 million to $5 million in 3G Investors LLC, whose only reported holding was SpaceX, reports Bloomberg. Witkoff is one-half of the president’s makeshift peacemaking duo along with Trump’s son-in-law, Jared Kushner.
Kelly Loeffler
Kelly Loeffler, a former senator and the current administrator of the Small Business Administration, disclosed an xAI investment worth between $1 million and $5 million, according to Bloomberg.
Michael Lynch
Michael Lynch, a former SpaceX employee who has since become deputy administrator of the General Services Administration, held investments in SpaceX between $500,000 and $1 million, according to filings.
Donald Trump Jr.
The president’s eldest son holds SpaceX shares through 1789 Capital, a venture capital firm that focuses on “patriotic capitalism” by “funding the next chapter of American exceptionalism.”
Joshua Kushner
Joshua Kushner, the brother of Trump’s son-in-law, Jared, also owns SpaceX shares through his venture capital firm Thrive Capital.
Betsy DeVos
Betsy DeVos, Trump’s education secretary in his first term, purchased SpaceX shares through a middleman.
Anthony Scaramucci
Anthony Scaramucci, who had an infamously short-lived stint as Trump’s White House communications director in 2017, previously announced in a social media post that he participated in a private funding round for SpaceX.
“The cult of personality around Elon Musk gives his companies an excessive premium that is off the charts,” he wrote in April.
