"He is, I think, the bravest person and most willing to do so", Musk said, referring to Maezawa. However, Maezawa is not paying for a simple trip into orbit to hang out for a few days and then return to Earth. Maezawa, 42, with a real-time net worth of 2.9 billion dollars, is also an avid art collector.
Billionaire Maezawa, founder of online fashion outlet Zozotown, will pay a "material percentage" of the spacecraft's design and construction costs, according to Musk.
No one has been to the Moon after the Apollo missions ended in the 70's, but now, SpaceX is taking reservations. SpaceX's passenger will be the first person to take a space flight toward the moon who did not train through a formal program like NASA.
He further said that he's going to invite about six to eight artists from all over the world join his mission to the Moon.
Speaking to the crowd, Mr Maezawa said the possibility of flying to the Moon was a "lifelong dream".
Who will fly with the mystery passenger is among the many questions that Musk is likely to address during the announcement.
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Elon Musk looked enthusiastic and excited at the event.
Oh, and he also spends millions of dollars collecting valuable works of art, and is keen to inspire artists with this monumental spaceflight - so he's offering free seats to creators on board SpaceX' BFR rocket.
In an interview in March, Musk said the ship was now being built, adding "I think we'll probably be able to do short flights, short sort of up-and-down flights, probably sometime in the first half of next year". The trip to the moon will be on the SpaceX rocket, called a Big Falcon Rocket (BFR) which might not be ready for at least five years.
"I'm not sure if we will test a flight around the Moon or not, but we will probably try doing that before sending any people".
The billionaire has reportedly already placed a large deposit on the flight which is helping SpaceX in the development of the BFR launch platform that will actually take the passengers around the Moon.
Earlier this year, on February 6, the Falcon Heavy rocket successfully launched from Kennedy Space Center in Florida, launching a red Tesla Roadster driven by a Starman mannequin.