A billionaire from Russia, known for his wealth and influence, was recently discovered to have secretly owned a stake in SpaceX, the private space technology company founded by Elon Musk. Despite being under strict U.S. sanctions, he managed to acquire around 1% of the company through a trust called Heritage Trust, which was registered in Delaware.
The billionaire first invested in SpaceX in 2017. At the time, he was already one of the richest individuals in Russia, holding major stakes in several industries, including gold mining. However, the U.S. had imposed sanctions on him due to his close connections with the Russian government. These sanctions were meant to block him from conducting any business or making financial transactions in the United States.
Yet, despite these restrictions, his investment in SpaceX remained unnoticed for years. It wasn’t until 2022 that Heritage Trust was finally blocked. However, by then, the trust no longer owned the SpaceX shares, raising concerns about whether he had found a way to transfer or sell them before action was taken.
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Massive Fortune at Stake
Reports suggest that the billionaire’s SpaceX shares could have been worth around $3.5 billion by the time he lost control over them. This was a significant portion of his total fortune, which is currently estimated to be around $9.3 billion. Losing the SpaceX stake marked one of the biggest financial blows he has faced in recent years.
The U.S. government has strict rules in place to prevent individuals under sanctions from conducting business in American companies. However, it remains unclear whether SpaceX was aware that Heritage Trust was connected to the Russian businessman. Neither SpaceX nor Elon Musk has responded to inquiries regarding the issue.
The billionaire had been on the radar of U.S. and European authorities for years. He was sanctioned due to his alleged ties to high-ranking officials in Russia, and his name appeared in multiple investigations related to hidden financial dealings. In March 2022, the European Union also sanctioned him, stating that he had received large sums of money from people suspected of managing secret assets for the Russian leadership.
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A History of Controversies
This is not the first time the billionaire has been caught up in legal troubles. In 2017, he was accused of tax evasion in France while purchasing luxury properties on the French Riviera. He was detained but later managed to avoid any major legal consequences.
More recently, in early 2024, he was seen attending a meeting with Russia’s top business figures and political leaders, which further reinforced claims that he remains closely aligned with the country’s leadership.
Despite his wealth and ongoing controversies, he has maintained a strong influence in his home country. He recently made headlines by offering to cover the costs of Hajj travel for 5,000 Russian Muslims, including 2,500 from his home region. However, he reportedly prioritized those who had served in military operations related to Russia’s invasion of Ukraine.
While his investment in SpaceX is no longer active, the fact that he managed to hold onto it for years despite strict sanctions has raised questions about oversight in global financial dealings.
