How SpaceX's IPO Bailed Out Elon Musk's Twitter Investors
SpaceX's $1.75 trillion IPO wasn't just a liquidity event for Elon Musk. It was the final step in a four-year bailout of the investors who backed his $44 billion Twitter acquisition. The SpaceX IPO closed an "amalgamation escalator" that converted depreciated Twitter equity into premium SpaceX stock, delivering a nearly 200% return to the private partners who'd been stuck holding the bag since 2022.This episode breaks down how the Twitter-to-SpaceX pipeline actually worked. The mechanics: Twitter merged with xAI in March 2025 at a $33 billion valuation, wiping out Twitter's standalone losses…
The skinny
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