Ron Baron bought $1 billion of SpaceX shares in IPO
SpaceX shares rose as Baron Capital bought $1B in the IPO, lifting its stake to about $25B in a long-term bet on Elon Musk and future growth
Billionaire investor Ron Baron said Baron Capital bought about $1 billion of SpaceX shares during the company's initial public offering on Friday, increasing the firm's stake in the rocket and satellite company to roughly $25 billion.
Baron said the purchase was made to avoid dilution as SpaceX sold new shares to the public. He described the investment as a longterm bet on the company and on Elon Musk's ability to keep expanding SpaceX's business.
Baron first invested in SpaceX in 2017 and has added to the position through multiple funding rounds since then. He also said SpaceX remains one of the largest holdings in some Baron funds, alongside Tesla.