CEO Today - August 2022

Aston Martin Raises £650 Million as Saudi Arabia Becomes Major Shareholder Luxury carmaker Aston Martin Lagonda has received a large investment from Saudi Arabia as it raises £650 million of capital to pay down its debt, which is currently costing it £130 million a year in interest. However, despite the large sum, Aston Martin has not been successful in raising the cash required to invest in new models and electric technology. The carmaker has also struggled with delays to its Valkyrie hypercars as well as its latest DBX 707 sports utility vehicle. The Saudi Public Investment Fund (PIF) will now buy Aston Martin shares worth £78 million and will participate in a £575 million rights issue that will make it the second-biggest investor following YewTree. For several years now, Aston Martin has struggled to put itself in a stable position. InMay, AstonMartin boss Lawrence Stroll appointed former Ferrari boss Amedeo Felisa as the company’s third CEO in three years in a bid to revive its image. 9 www.ceotodaymagazine.com MONTHLY ROUND - UP Elon Musk’s SpaceX Finally Reaches Major Goal SpaceX, which was founded in 2002 by Elon Musk, has completed its first-ever launch to polar orbit for its Starlink internet network, enabling complete coverage of Earth. A SpaceX Falcon 9 rocket lifted off from the Vandenberg Space Force Base in California to deliver 46 Starlink satellites into low-Earth orbit. “These polar launches will enable complete coverage of Earth (where approved by local government)”, Musk tweeted following the launch. This marks SpaceX’s 50th Starlink-dedicated launch. In February 2018, SpaceX launched the first payload of two satellites and has since launched over 2,600 Starlink satellites into orbit. SpaceX is now responsible for over 40% of all active satellites in orbit around Earth.

RkJQdWJsaXNoZXIy Mjk3Mzkz