Danish pension fund excludes SpaceX citing governance and valuation
The fund cited governance failings and said SpaceX is too highly valued to justify public investment.
- Denmark's AkademikerPension, which manages roughly $25 billion, will not participate in SpaceX's initial public offering or purchase secondary-market shares, citing governance concerns.
- Chief investment officer Anders Schelde's objection centers on Elon Musk's control; SpaceX's S-1 filing revealed Musk holds roughly 85% of voting power through a dual-class share structure.
- Heads of the California Public Employees Retirement System, the New York City Retirement Systems, and the New York State Common Retirement Fund, managing more than $1 trillion collectively, sent a joint letter calling SpaceX's governance "extreme."
- SpaceX targets a $1.8 trillion valuation when marketing begins as soon as June 4, though AkademikerPension calculates the company cannot reasonably exceed $1 trillion, a gap that will not materially affect the $75 billion capital raise.
- AkademikerPension has a history of activist divestment, having sold its Tesla stake last year; with SpaceX losing $4.94 billion last year, Schelde warns investors accept an "unprecedentedly low risk premium.
11 Articles
11 Articles
The Danish pension fund AkademikerPension is turning its back on SpaceX's IPO. The main reason lies in 'the exceptionally poor performance in terms of governance'.
Danish pension fund blacklists SpaceX IPO over governance
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 […] This story continues at The Nex…
Danish pension fund excludes SpaceX citing governance and valuation
Danish pension fund Akademikerpension said on Friday it had placed SpaceX on its portfolio exclusion list ahead of the company's initial public offering, citing concerns about the governance structure and what it said was an overvalued stock.
SpaceX blacklisted by European pension fund over Musk’s dominance and voting power: Report
Denmark’s $25 billion pension fund AkademikerPension has reportedly blacklisted SpaceX ahead of the company’s expected IPO, calling its governance structure ‘catastrophic’ and warning that ordinary investors would have little real control over the company. The fund said Elon Musk is expected to retain very strong voting power even after a public listing while continuing to dominate key leadership roles within the company, reports Bloomberg. Akad…
Danish pension fund rejects SpaceX IPO over valuation and governance concerns
A Danish pension fund that previously attracted attention for selling US Treasuries and exiting Tesla has said it will not invest in SpaceX, citing concerns over both valuation and corporate governance.AkademikerPension, which manages approximately $25 billion in assets, said the company is grossly overvalued and suffers from what it described as significant governance shortcomings.According to Anders Schelde, chief investment officer of Akademi…
Coverage Details
Bias Distribution
- 43% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
