A secretive SpaceX investor has scored a 75% stock gain in the past 3 weeks

SourceBusiness Insider
SectorFinancial Markets
CountryUAE

A SpaceX investor has seen its stock price surge 75% in the past three weeks for no apparent reason. International Holdings' market capitalization has soared to a record $43 billion as a result, surpassing the market value of First Abu Dhabi Bank - one of the region's biggest lenders. IHC owns or part-owns businesses across multiple industries including food packaging, military equipment, and air conditioning. Last year it purchased a 94% stake in Falcon CI IV LP, a private equity fund in the Cayman Islands that has invested in Elon Musk's SpaceX, according to Reuters. The holding company's shares are closely held by Emiratis and no analysts cover the company, according to Bloomberg, making it tough to diagnose what's behind the recent stock move. Century Financial's investment chief, Vijay Valecha, told Bloomberg that IHC's investments are "audacious and sometimes baffling" but its bosses have "delivered the goods" so far. IHC's stock has climbed from 50 dirhams ( $13.60) on March 22 to 87.50 as of...read more...