SpaceX (NASDAQ:SPCX) said Monday it will primarily release its corporate updates to the public through its website and social media account on X, rather than traditional wire services, further deepening Elon Musk‘s push to make the social media platform a central hub for corporate communications.
The latest move was disclosed in a regulatory filing, just days after SpaceX completed its blockbuster public market debut and became one of the world’s most valuable publicly traded companies.
X Becomes A Primary Disclosure Channel
While material information will continue to be included in filings to the Securities and Exchange Commission as required, SpaceX said it plans to bypass traditional wire services such as Business Wire and PR Newswire for earnings releases and other major announcements.
“Company encourages members of the investment community, the media, and others to follow the channels listed above and to review the information disclosed through such channels,” SpaceX said in its announcement.
Breaking From Corporate Tradition
Most large public companies continue to rely on wire services to broadly distribute earnings reports, corporate announcements and other market-moving information.
The move is consistent with Musk’s communication style, as the trillionaire entrepreneur frequently uses X to engage directly with users, respond to critics and make major announcements affecting his companies.
Musk has long used X to announce Tesla Inc‘s (NASDAQ:TSLA) production updates, SpaceX milestones, product launches and strategic decisions, often communicating directly with his more than 240 million followers.
Another Win For X
SpaceX is not alone in turning to social media as a disclosure channel. Earlier this month, OpenAI announced its S-1 filing on X at roughly the same time it appeared on the SEC’s website, a move intended to get ahead of potential leaks and ensure investors received the information simultaneously.
The move made by SpaceX will garner greater engagement on X during earnings season and major corporate events, particularly given the platform’s importance to Musk’s personal and professional brand.
The company made its public market debut on Friday, raising $75 billion by selling 555.6 million shares at $135 each, making it the largest public offering on record. The stock opened at $150 and climbed to an intraday high of $176.52.
Price Action: SpaceX gained 19.6% on Monday to $192.50 and rose further 3.49% in after-market trading.
Benzinga Edge Stock Rankings show SpaceX stock has a positive price trend across the short, medium and long-term.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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