Musk Denies New Funding from Saudi Arabia and UAE for His Company

Billionaire and SpaceX founder Elon Musk denied a media report released earlier this week that investors from Saudi Arabia and the UAE plan to invest in a multi-billion dollar funding round for the company. The information, reported on Wednesday, cited sources familiar with the discussions that a unit of the Saudi Public Investment Fund and a company based in Abu Dhabi intend to invest in a multi-billion dollar funding round for SpaceX. In response to the report, Musk wrote on Twitter, "Not true." The report indicated that the funding round is expected to value the rocket manufacturer at around $140 billion. According to venture capital firm Space Capital, SpaceX raised $2 billion in 2022 and $2.6 billion in 2020.