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Rinehart almost doubles US shares to $8 billion, led by backing Elon Musk’s SpaceX
Australia’s richest person, Gina Rinehart, has almost doubled her bet on the US stock market, with her portfolio of shares there now worth $US5.7 billion ($8 billion).
Filings to the US Securities Commission overnight reveal that Rinehart’s ownership of US shares increased from $US3.3 billion at the end of March to $US5.7 billion at the end of June.
The massive jump in the value of her portfolio was driven in part by the $US1.4 billion value of her investment in technology billionaire Elon Musk’s SpaceX.
Rinehart spent $US1 billion buying shares in the sought-after float on Nasdaq in June, equating to about 7.4 million SpaceX shares. The mining magnate’s friendship with Musk has evolved via their mutual support of Donald Trump during the 2024 US presidential election. Rinehart has described Musk as a “truly exceptional person”.
Gina Rinehart reveals $1.9b SpaceX bet as US market splurge tops $7.5b
Mining magnate Gina Rinehart has revealed the full extent of her bet on Elon Musk’s recent market debutant SpaceX, as Australia’s richest person continues to pile her fortune into the US market under President Donald Trump.
Hancock Prospecting, owned by Rinehart, disclosed 8 million SpaceX shares valued at the end of June at $US1.4 billion ($1.97 billion) in the company’s filings to the US Securities and Exchange Commission overnight on Friday (early Saturday AEST).
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