Elon Musk reports 48.4% of SpaceX, or 6.42 billion shares, but actually owns only 36.2% outright, representing 4.77 billion shares worth approximately $708 billion at $147.81 per share. The remaining 1.3 billion shares are conditional shares tied to Mars colony milestones that SpaceX has valued at zero. The 350 million already-vested options are worth roughly $52 billion and would require $2.94 billion to exercise. A 366-day lock-up prevents any sale until June 12, 2027, when other shareholders will have already sold their shares. Despite the apparent reduction in his stake, Musk still controls 82.4% of the vote.
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