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Sanctioned Billionaire's SpaceX Stake Surges to $3.5 Billion

2/1/2025

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Summary

Story summary

Suleiman Kerimov, a sanctioned Russian senator and billionaire, held a 1% stake in Elon Musk's SpaceX through the Heritage Trust since 2017. As the stake's value skyrocketed to $3.5 billion, questions arose about Citigroup's compliance and due diligence in managing the trust, especially amid ongoing U.S. sanctions.

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Story summary

Suleiman Kerimov, a sanctioned Russian senator and billionaire, held a 1% stake in Elon Musk's SpaceX through the Heritage Trust since 2017. As the stake's value skyrocketed to $3.5 billion, questions arose about Citigroup's compliance and due diligence in managing the trust, especially amid ongoing U.S. sanctions.