ILLR Stock Surged More Than 400% Today – Why Is This TikTok Rival Buying SpaceX Shares?

Triller said it will buy SpaceX shares through an established fund structure via a wholly owned special-purpose subsidiary.

• Triller Group said its unit, Trendy Reach Holdings, has signed a definitive agreement to purchase 100% of the membership interests of a Bahamian investment vehicle, SAC1.
• The company is buying SAC1 for $411.3 million, thereby getting exposure to 3.9 million SpaceX shares. 
• The company also teased shareholders about its “Project Eight” initiative under which it is planning a strategic transaction.

Shares of Triller Group (ILLR) skyrocketed on Thursday after the company said that it is planning to take a significant position in Elon Musk’s SpaceX (SPCX) as a strategic treasury asset.

At the time of writing, ILLR was up more than 400%.

How Is ILLR Buying SPCX Shares

The company said it will buy SpaceX shares through an established fund structure via a wholly-owned special-purpose subsidiary.

In an 8-K filing with the SEC, the company said its unit, Trendy Reach Holdings, has signed a definitive agreement to acquire a Bahamian investment vehicle, SAC1.

SAC1 holds common stock-equivalent interests in SpaceX totaling 3,917,185 Class A shares of the space company. The company is buying SAC1 for $411.3 million, thereby getting exposure to 3.9 million SpaceX shares.

Triller said the position was established well ahead of SpaceX’s trillion-dollar public listing and is now buying them at a significant discount. The company's effective purchase price would be $105 per share, implying roughly a 32% discount compared to SPCX’s closing price on Wednesday.

How Does This Benefit ILLR Shareholders?

Triller CEO Wing-Fai Ng stated that the move would strengthen the company’s balance sheet and demonstrates progress in its recapitalization efforts.

“SpaceX is one of the most extraordinary companies of our generation, and we are securing meaningful exposure to it at a compelling entry point and placing it at the very heart of our balance sheet,” CEO Wing-Fai Ng said.

ILLR’s ‘Project Eight’

In a statement addressing stockholders, the company also teased about “Project Eight,” under which it is planning a strategic transaction, likely an acquisition, to bolster its social and creator platform.

Triller is the owner of the namesake short-form vertical video-scrolling app, similar to TikTok, but heavily centered on hip-hop culture and combat sports. The app's editing features are AI-powered, and videos shown in the feed are not algorithmic but rather based on promoted content and top-ranking creators.

What Do Retail Traders Think About ILLR?

On Stocktwits, retail sentiment on ILLR turned ‘extremely bullish’ from ‘neutral’ over the last 24 hours, amid ‘extremely high’ message volumes.

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