00:00It's Benzinga, bringing Wall Street to Main Street.
00:02SpaceX is going public in a $75 billion IPO that breaks from Wall Street norms in several ways,
00:08according to Reuters. The company set its share price at $135 before its investor roadshow,
00:14rather than using the roadshow to determine a price range, targeting a valuation of roughly
00:19$1.8 trillion. SpaceX plans to allocate as much as 30% of the offering to retail investors,
00:25an unusually large share. Employees can sell shares before the standard six-month lockup period ends,
00:31signaling confidence that insider selling won't pressure the stock. Musk will retain 85.1% of
00:36combined voting power after the IPO, cannot be fired as CEO without his consent, and faces a
00:42roughly one-year lockup on his own shares. SpaceX is loss-making, unproven in its core businesses,
00:48and has tied Musk's compensation to Mars colonization while planning to put solar-powered
00:53data centers in space. Trading on NASDAQ is set to begin on June 12th. For all things money, visit Benzinga
00:59.com.
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