Musk's long-time backer is giving SpaceX stock to its investors

Valor Equity Partners, founded by long-time Elon Musk backer Antonio Gracias, distributed 8.5% of SpaceX shares worth about $8.5 billion to its LP investors instead of cash payouts. Valor will retain more than 460 million SpaceX shares. The structure offers tax advantages and avoids a share price collapse from mass selling.

• Valor gave LPs 8.5% of SpaceX shares worth ~$8.5 billion
• Valor will retain more than 460 million SpaceX shares
• Structure offers tax benefits and avoids share price drop
• SpaceX fell ~10% after IPO