“Starting and growing a business is as much about the innovation, drive, and determination of the people behind it as the product they sell.”
Elon MuskElon Musk is a South African-born American entrepreneur and businessman. His early interest in reading philosophy, science fiction, and fantasy novels is reflected in his sense of idealism and concern with human progress. He seeks to work in the areas he has identified as crucial to our future, specifically the Internet, the transition to renewable energy sources, and space colonization.
Elon enrolled at Stanford for a Ph.D. but dropped out after two days to pursue a business career. He started off with Zip2, which Compaq acquired. He then founded X.com, which merged with Confinity to form Paypal and was eventually purchased by eBay for $1.5 billion. In 2002, he founded SpaceX. In 2004, he joined Tesla as its product architect before eventually rising to become CEO in 2008. In 2006, he supported the creation of Solar City, a-Solar Energy Services Company. In 2015, he co-founded OpenAI, a non-profit research company that aims to promote friendly AI. In 2016, he founded Neuralink, a neurotechnology company focused on developing brain-computer interfaces. In the same year, he also founded The Boring Company, an infrastructure and tunnel Construction Company focused on tunnels optimized for electric vehicles.
Elon Musk developed many innovations across multiple sectors. In Payments, Paypal: The faster, safer way to send money, make an online payment, receive money, or set up a merchant account. In Electric Technology or Sustainable Energy Technology, Tesla: Accelerating the world’s transition to Sustainable Energy with Electric cars, Solar, and Integrated Renewable Energy Solutions for homes and businesses. In Space Exploration, SpaceX: Designs, manufactures, and launches advanced rockets and spacecraft. In transportation, Hyperloop and Boring company: New and innovative ways of bringing the world together. Finally, in AI, Neuralink: Testing the boundaries of science fiction to better integrate human conscience with AI.
May 21, 2026
On May 21, 2026, after market close, the ERShares Private-Public Crossover ETF (XOVR) updated the carrying value of its position in SPV Exposure to SpaceX, LLC to reflect an implied SpaceX valuation of approximately $1.55 trillion.
This valuation update was made in accordance with the Fund’s Board-approved valuation policies and procedures for fair valuing securities for which market quotations are not readily available or are otherwise deemed unreliable. The valuation reflects the Fund’s review of relevant market information, including observed secondary market activity and other factors considered appropriate under the Fund’s valuation framework.
The Fund will continue to monitor available market information and evaluate the carrying value of its private holdings in accordance with its Board-approved valuation policies and procedures.