Triller says it gained exposure to 3,917,185 SpaceX shares in $411 million deal; stock jumped 393%

Triller said it obtained economic exposure to 3,917,185 SpaceX shares via an offshore fund structure, valuing the position at $411 million, or $105 per share equivalent, a 32% discount to SPCX’s recent close. The company’s market cap is about $13 million and it reported $2 million in cash, yet the financing carries a 68% loan-to-value ratio. A further 15% to 20% decline in SPCX could trigger a forced liquidation. The structure has been described as effectively “renting” shares and follows Triller’s recent 1-for-10 reverse split and the end of a four-month trading halt.