Gina Rinehart, Australia's richest person, acquired eight million shares in Elon Musk's rocket company SpaceX during the second quarter, building a $1.37 billion stake in the aerospace firm. The investment came alongside several hundred million dollars of additional equity purchases across the United States stock market.
According to a regulatory disclosure cited by Bloomberg, the holding in Space Exploration Technologies Corp., managed by Rinehart's private investment firm, stood at $1.37 billion as of June 30. The massive transaction has established SpaceX as the single largest holding within her US investment portfolio.
Rinehart also acquired shares in exchange-traded funds that track the S&P 500, the benchmark index monitoring 500 of the largest publicly traded American companies. Those ETF holdings were valued at approximately $260 million at the close of the quarter. In addition, she expanded her stakes in several defense and energy companies while doubling her position in Trump Media & Technology Group Corp., the company founded by former US President Donald Trump.
US Investment Portfolio Growth
By the end of June, Rinehart's investment company held US-listed securities with a total value of $5.71 billion, representing a 72 percent surge compared to the previous quarter. Under US financial regulations, her investment firm, Hancock Prospecting, is required to submit quarterly disclosures detailing its holdings in publicly traded American firms whenever its total portfolio value exceeds $100 million.
As of June 30, Hancock Prospecting held 42 distinct investment positions across global markets. The firm's portfolio focuses heavily on businesses within the mining, energy, technology, and defense sectors, alongside broad market index funds.
The 72-year-old mining executive had previously stated in June that she made what she termed a substantial investment in SpaceX in connection with the company's initial public offering on June 12. However, Rinehart did not disclose the specific monetary value or share count of the stake at that time.
Corporate Statement and Political Influence
In a statement issued on Saturday, a spokesperson for her investment company said the allocation to SpaceX reflected their confidence in Elon Musk, describing him as an extraordinary and genius individual and praising the trajectory of SpaceX under his leadership. The spokesperson added that the investment demonstrated trust in Musk's proven ability to harness scientific innovation for the benefit of humanity, noting that the firm maintains a long-term investment horizon across a diversified range of businesses.
Rinehart amassed her fortune through the development of vast iron ore deposits in Western Australia, the country's primary mining state. She currently holds an estimated net worth of $32.4 billion, according to the Bloomberg Billionaires Index.
In recent years, Rinehart has expanded her political footprint and visibility in Washington as well as at Donald Trump's Mar-a-Lago resort in Palm Beach, Florida. Within Australian politics, she has emerged as a prominent benefactor of the right-wing populist One Nation party, which included providing a private jet for party leader Pauline Hanson.
