Elon Musk Now Rumored To Seek Funding For SpaceX From Middle-East After Infamous Tesla Snub

Elon Musk‘s SpaceX is reportedly looking at investment from a unit of Saudi Arabia‘s investment fund and an Abu Dhabi based company.

What Happened: Badeel — Saudi Arabia's Water and Electricity Holding Company, which is part of the country's Public Investment Fund — and the United Arab Emirates' Alpha Dhabi are involved in SpaceX’s multibillion-dollar funding round, reported The Information, citing two people familiar with investor discussions.

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The funding round is expected to value SpaceX at about $140 billion, the report added.

Early this year, Musk had said that Saudi’s Public Investment Fund “unequivocally” wanted to take his electric vehicle company Tesla Inc. TSLA private in 2018. But the Saudi backers later backtracked on the commitment.

Musk was testifying at a trial in a San Francisco federal court after investors accused him of committing fraud when he tweeted that he was taking the company private at $420 per share in 2018 . However, in February, a jury ruled him not guilty.

Early in January, it was reported that SpaceX is raising $750 million in a fresh funding round that would value the company at $137 billion.

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