Harvard's bet on SpaceX helped its endowment grow faster than the S&P 500
Source: Business Insider ·
Harvard's endowment grew to nearly $68 billion, helped by the university's $2.2 billion stake in SpaceX at the end of June.
From the source
Harvard's investment in Elon Musk's SpaceX has paid off.Matt Rourke/APHarvard's endowment returned a five-year high of 27.1% in the 12 months to June 30, besting the S&P 500.The Ivy League college counted a $2.2 billion SpaceX stake as its top Q2 portfolio holding by far.Harvard's endowment grew to almost $68 billion after accounting for taxes, gifts, and distributions.Harvard University delivered its best investment return in five years as its bet on SpaceX boosted its stock portfolio.The elite college's endowment returned 27.1% in the fiscal year ended June 30, its annual financial report revealed on Thursday. That comfortably outpaced the benchmark S&P 500's 22.3% total return over the same period.After accounting for taxes, distributions, and gifts, Harvard's endowment grew by $11 billion to nearly $68 billion.Harvard Management Company's stake in Elon Musk's maker of Starship rockets, Starlink satellites, and AI chatbot Grok was worth $2.2 billion at the end of June, per its…