Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Elon Musk's SpaceX Reportedly Leaves Trail Of Unpaid Bills Worth At Least $2.5M Amid Texas Expansion

Published 14/05/2024, 07:32
© Reuters.  Elon Musk's SpaceX Reportedly Leaves Trail Of Unpaid Bills Worth At Least $2.5M Amid Texas Expansion
TSLA
-

Benzinga - by Anan Ashraf, Benzinga Editor.

Over two dozen companies have reportedly filed over 70 liens against sites developed by billionaire entrepreneur Elon Musk‘s SpaceX and its contractors since 2019 due to unpaid bills.

What Happened: According to Reuters, several construction companies filed liens against SpaceX properties after they failed to receive payment for their services.

Since 2019, more than two dozen companies have reportedly lodged 72 liens against sites developed by SpaceX and its contractors, seeking payments totaling over $2.5 million.

It remains unclear whether these outstanding amounts are owed by SpaceX itself or any of its commissioned contractors.

Among these businesses, some have expressed reluctance to engage in future SpaceX-related projects. Hydroz Energy Services LLC, an excavating business, is owed just $19,214 by SpaceX, a modest sum compared to the rocket manufacturer’s valuation of $180 billion as of a tender offer in December.

Of the 72 liens, at least 41 were filed this year, and some have been resolved. Martin Marietta Materials Inc., a construction supply giant based in North Carolina, received $557,611 it claimed in March 2023, two months after filing its lien.

However, many liens remain unresolved, including one filed by Texas-based materials supplier CMC Construction Services for an outstanding bill of $129,592.

Why It Matters: Musk, currently the third richest person globally according to Forbes’ real-time billionaires list, faces increasing scrutiny due to these financial issues.

After he acquired Twitter, now X, in 2022, Musk encountered a barrage of lawsuits from contractors alleging unpaid bills. Additionally, as the CEO of publicly-listed EV giant Tesla Inc., with a market cap of $548.19 billion as of the latest close, Musk’s financial responsibilities extend beyond SpaceX.

Check out more of Benzinga's Future Of Mobility coverage by following this link.

Read More: SpaceX Starship Likely To Fly For 4th Time Next Month As Elon Musk Reaffirms New Goals

Photo by Angga Budhiyanto on Shutterstock

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.