Tesla Inc. TSLA skidded 6% at the start of the new year following a fourth-quarter delivery miss despite an increase in promotional deals. Global vehicle deliveries also fell in 2024 for the first time in more than a decade.

The transaction was part of Musk’s year-end tax planning. The recipients “have no current intention to sell” the shares, the Securities and Exchange Commission filing said.

SpaceX is among the most notable and renowned private companies in the world. Indeed, most Americans have heard of the Elon Musk-led company, which has secured a number of very lucrative government contracts over the years in part due to the company's ability to successfully launch (and land) rockets in a reliable way.