Danish Pension Fund Drops SpaceX Over Governance Concerns
A Danish pension fund has excluded SpaceX from its investment portfolio ahead of the company’s expected IPO, citing concerns over governance and valuation. Akademikerpension said the Elon Musk-led firm appeared significantly overvalued, with market estimates placing its worth above $1.8 trillion.
The pension fund argued that investors are being asked to accept unusually high risks for a company operating in an uncertain and competitive sector. It also questioned whether a valuation above $1 trillion could be justified despite SpaceX’s rapid growth and dominance in the space industry.
Akademikerpension further criticised the company’s governance structure, pointing to Elon Musk holding overwhelming voting control while serving as CEO, CTO and board chair simultaneously. The fund said such concentration of power limits board oversight and makes leadership accountability difficult.
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