The transaction was part of Musk’s year-end tax planning. The recipients “have no current intention to sell” the shares, the Securities and Exchange Commission filing said.

SpaceX is among the most notable and renowned private companies in the world. Indeed, most Americans have heard of the Elon Musk-led company, which has secured a number of very lucrative government contracts over the years in part due to the company's ability to successfully launch (and land) rockets in a reliable way.

Elon Musk’s electric car company Tesla released its sales figures for Q4 2024 and the year overall, showing a decline from the year before. Veuer’s Matt Hoffman reports.