Elon Musk’s SpaceX set to double its valuation to $92bn as CEO urged to bring Tesla to UK

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The aerospace manufacturing company is in discussions with investors regarding a fundraising effort that is expected to end in January. The news comes after last month the firm sent astronauts to the International Space Station for the first time.

Fundraising this time around would almost double the figures from five months ago, when it achieved a $1.9 billion raising at a $46 billion valuation, according to Business Insider.

The forecasted valuation would make SpaceX one of the most valuable private companies worldwide.

Meanwhile, Northeast UK could become the new base for Tesla’s European Gigafactory.

Tees Valley Mayor Ben Houchen led calls for Mr Musk to consider moving the plant to Teesside.

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Mr Houchen, alongside Hartlepool Council leader Shane Moore, penned a letter to the billionaire urging him to consider the option.

They said the construction of the plant could could start as soon as February 2021.

The construction of a Tesla factory in Berlin, Germany, was recently halted as authorities analyse the potential impact of the plant on the habitats of protected species of lizards and snakes.

Mr Houchen said: “When it comes to the skills needed to build an electric car and associated battery factory there is no better workforce than what is available here in Teesside, Darlington and Hartlepool.

“We have the automotive experience; we are leaders in clean energy, and we lead the world in chemicals and precision manufacturing.

“Site preparation work for Tesla’s first European manufacturing plant in Germany has already been halted twice due to legal challenges from environmental campaigners and it is not hard to see more challenges if the future which would inevitably put back the start of construction and production.”

Mr Houchen highlighted the quality of the workforce as one of the reasons why the entrepreneur should look into moving the factory to Teeside.

He added: “Tesla would not have any of those problems here, we have the land and we have the highly skilled workforce both for car manufacturing and the battery plant.

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“So, if Tesla does not want to miss out as other high-end car manufactures move into electric car space, I would urge the company to look again at Teesside for the plant.

“And if Mr Musk and the Board at Tesla needs reassuring at how fast we can do things here, I would highlight the fact we were able to secure planning for 4.5million sq ft of manufacturing space – the largest planning application in the north of England – in just four months without a single objection.”

Mr Moore echoed similar observations and pointed out the benefits to local communities and the region’s economy.

He said: “Having previously made a shortlist of two, the town stands ready to welcome the company with open arms.

“Such a huge and important development would have a truly transformational effect on Hartlepool and surrounding areas in terms of the new jobs it would create and also the wider benefits that would be generated for the regional economy.”

The Tesla and SpaceX CEO has recently been named the world’s second richest man, ahead of Bill Gates and Mark Zuckerberg, according to the Bloomberg Billionaires Index.

As of last Thursday, the Tesla and SpaceX CEO’s net worth is valued at $152billion while Bill Gates has a fortune valued at $128billion.

Amazon founder Jeff Bezos tops the list of the world’s richest people with a reported total net worth of $182billion.

But according to Forbes’ estimations Mr Musk’s fortune is not far behind – at $140.2billion.

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