Investing.com – The earnings of the first quarter of Alphabet Inc (Nasdaq: Googl) received an impulse of 8,000 million dollars for profits not made in an investment in Spacex, Bloomberg reported Thursday, citing a person with knowledge of the matter.
The company has been an important investor in Spacex since at least 2015, when it joined Fidelity Investments to inject $ 1,000 million into a combined 10% participation in the space company, according to the Bloomberg report.
December reports showed that Spacex was valued at approximately 350,000 million dollars, making it one of the most valuable private companies in the world.
Alphabet recorded results of the first substantially stronger quarter than expected on Thursday, since the company benefited from the increase in advertising income. Its net profit increased 46% to 34,540 million dollars, with 8,000 million from profits not made in an investment in “non -marketable variable income values”, which according to Bloomberg was Spacex.
Spacex is an important beneficiary of government contracts, specifically NASA. The company also offers direct consumer services through its Starlink satellite Internet service.
Compared to Tesla (Nasdaq: TSLA), Spacex seems to be largely isolated from the growing controversy and public anger towards its executive director Elon Musk.
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