Danish pension fund blacklists SpaceX, says way overvalued with bad governance
Denmark's AkademikerPension has decided to blacklist SpaceX, citing concerns over its valuation and governance structure. The pension fund's chief investment officer described SpaceX as 'grossly overvalued' and criticized Elon Musk's significant control over the company. This decision reflects broader concerns among institutional investors regarding SpaceX's governance as it prepares for its initial public offering.
- ▪AkademikerPension manages approximately $25 billion and will not participate in SpaceX's IPO.
- ▪The fund's chief investment officer criticized SpaceX's governance, particularly Musk's control over the company.
- ▪SpaceX is targeting a valuation of $1.8 trillion, which AkademikerPension believes is unsustainable.
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document.getElementsByClassName('tnw-ad-wrapper')[1]?.classList?.add('ad-wrapper__growth-quarters'); Denmark’s AkademikerPension, which manages roughly $25 billion for academic professionals, has said it will not participate in SpaceX’s initial public offering or buy shares in any secondary-market transaction, according to Bloomberg. Chief investment officer Anders Schelde called the company “grossly overvalued” and cited what he described as a “catastrophic governance structure” as the primary reason for the exclusion. The fund calculates that SpaceX cannot reasonably exceed a valuation of $1 trillion, roughly half the $1.8 trillion the company is targeting when marketing begins as soon as 4 June. Pricing could come as early as 11 June.
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