COPENHAGEN, May 29 (Reuters) – Danish pension fund Akademikerpension said on Friday it had \u200cplaced SpaceX on its portfolio exclusion list \u200cahead of the company’s initial public offering, citing concerns \u200babout the governance structure and what it said was an overvalued stock.<\/p>\n
\u2022 Market indications point to a valuation of at least $1.8 trillion for \u200cSpaceX, Akademikerpension \u2060said in a statement, adding that it was difficult to justify a \u2060market valuation above $1 trillion.<\/p>\n
\u2022 Investors are asked to accept an unprecedentedly low risk premium for \u200ba highly \u200buncertain company, the \u200bpension fund said.<\/p>\n
\u2022 SpaceX \u200cdid not immediately respond to a request for comment when contacted by Reuters via email.<\/p>\n
\u2022 Akademikerpension also said the governance structure of SpaceX was “extremely deficient”, adding that Elon Musk \u200cis expected to control more \u200bthan 80% of the \u200bvoting rights while \u200bsimultaneously serving as chief executive officer, \u200cchief technology officer and \u200bchair of \u200bthe board.<\/p>\n
\u2022 “The extreme concentration of power effectively prevents the board from exercising meaningful oversight \u200band makes \u200cit impossible to remove Musk against his \u200bwill,” Akademikerpension said.<\/p>\n
(Reporting by Louise Rasmussen, \u200bediting by Terje Solsvik)<\/p>\n","protected":false},"excerpt":{"rendered":"COPENHAGEN, May 29 (Reuters) – Danish pension fund Akademikerpension said on Friday it had \u200cplaced SpaceX on its…\n","protected":false},"author":2,"featured_media":712384,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[181724,45,49,48,133,246471,163,121516,57828,131,132,6888],"class_list":["post-712383","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-akademikerpension","tag-business","tag-ca","tag-canada","tag-finance","tag-governance-structure","tag-initial-public-offering","tag-market-valuation","tag-pension-fund","tag-personal-finance","tag-personalfinance","tag-spacex"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/712383","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=712383"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/712383\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/712384"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=712383"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=712383"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=712383"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}