Investing.com -- Neuralink, the brain implant start-up owned by Elon Musk, is now worth around $5 billion, according to a Reuters report.
Citing five unnamed sources familiar with the matter, Reuters said that the valuation was based on privately executed stock trades. The sources added that the value of these shares was supported by purchases made by private investors ahead of a U.S. regulatory ruling in late May, Reuters noted.
On May 25, Neuralink announced that it was given the green light to conduct a trial with chips placed into human minds. However, the company has not yet received the go-ahead to use the product commercially.
In the wake of the trial's approval, Neuralink shares privately were being offered to investors at a $7 billion valuation, or $55 a share, according to an email seen by Reuters.
Executives at Neuralink and Musk did not respond to request for comment from Reuters.