SpaceX IPO leaves some private share buyers unsure what they own
The Hindu
Entrepreneur Tejpaul Bhatia is confident he owns a slice of Elon Musk’s SpaceX. But he can’t be 100% sure.
Entrepreneur Tejpaul Bhatia is confident he owns a slice of Elon Musk’s SpaceX. But he can’t be 100% sure.
When the former Google executive entered the space industry in 2021, SpaceX was already one of the world’s most sought-after private companies, valued at about $75 billion, with shares largely locked up by early backers and institutions close to Musk.
Bhatia couldn’t buy shares directly, so he turned to the secondary market where a loose network of brokers buy and sell the shares of privately owned companies.
Now, with SpaceX preparing for a stock market debut this year at a valuation near $1.75 trillion, Bhatia could be sitting on a lucrative investment, but his shares were bought through brokers that make ownership hard to verify.
“I hope I didn’t get duped,” said Bhatia, the former chief executive of space company Axiom Space. “I don’t think I did, but again, there’s no way to know.”
He declined to share the value of his investment, or the broker’s name.
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