Teachers’ Invests in SpaceX

CBJ — The Ontario Teachers’ Pension Plan has decided to invest in SpaceX, a program headed by Elon Musk and his Space Exploration Technologies group, which manufactures and operates advanced rockets and spacecraft.

The size of the investment agreed upon has not been revealed.

Olivia Steedman, TIP’s senior managing director, says the Teachers are excited to work with the company as it rolls out its Starlink satellite network capable of connecting the globe with reliable and affordable broadband internet services.

Teachers’ identified SpaceX as a worthy investment opportunity because of its future growth potential in the satellite broadband market.

SpaceX has completed 75 successful launches since being founded by Musk, who is also the high-profile the head of Tesla, the electric vehicle company.

The Ontario Teachers’ Pension Plan is Canada’s largest single-profession pension plan, with $191.1 billion in net assets as of December 31.