Nearly 13% of SpaceX’s $4.4 Billion Profit Came From This “Boring” Investment
Elon Musk’s Space Exploration Technologies (NASDAQ: SPCX) recently published its third-quarter earnings report. Revenue soared 161% year over year to $14.6 billion while the company generated $4.4 billion in net income.
A closer examination of SpaceX’s financials revealed an unusual contributor to its profitability. The company recorded a $561 million investment gain from another Musk-controlled business, The Boring Company.
SpaceX is not alone when it comes to benefiting from an investment in another company. Earlier this year, Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG) reported a material investment-related gain following SpaceX’s initial public offering (IPO).
Source: www.fool.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.