00:00It's Benzinga bringing Wall Street to Main Street.
00:02Michael Grimes has rejoined Morgan Stanley as chairman of investment banking,
00:06returning to the bank as SpaceX moves closer to a potential initial public offering,
00:11according to the Wall Street Journal.
00:13Morgan Stanley confirmed the move Monday in an internal memo reported by the Financial Times.
00:18Elon Musk has long-standing ties to Morgan Stanley through key executives
00:22and has maintained a close working relationship with Michael Grimes.
00:26Grimes previously left the bank to work at the Commerce Department after following Elon Musk to Washington,
00:32where he led the investment accelerator and worked on Trump's Invest in America initiative.
00:38SpaceX reached a $1.25 trillion valuation last week after merging with Musk's artificial intelligence startup XAI.
00:45Bankers estimate a SpaceX IPO could raise about $40 billion,
00:50generating roughly $400 million in fees split among participating banks.
00:54For all things money, visit Benzinga.com.
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