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

Valor Equity Partners, led by Antonio Gracias, transferred 8.5% of its SpaceX shares—about $8.5 billion—to its limited-partner investors, keeping over 460 million shares. The move gives LPs a potential tax benefit and prevents a large market dump that could depress SpaceX’s share price, which has fallen roughly 10% since the IPO.