Elon Musk
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SpaceX IPO shines light on the market structures that shape valuation – and IR
This week’s IPO by SpaceX will not be just a record-setting transaction; it will also become a stress test for equity market structure. Its early trading performance will be shaped, at least initially, by index-inclusion rules and it will pose a challenge for both passive capital and active management. In this deal, the market is not buying only ‘a good story’ but also a supply-and-demand structure. The most important point is that, against an estimated valuation of $1.75 tn dollars, the company is looking to raise ‘only’ $75 bn dollars. In other words, what actually comes to market is only…
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From shareholder to managerial capitalism: how proxy firm regulation and 14a-8 reform will define IR in 2026
In October 2025, Tesla CEO Elon Musk deployed provocative language characterizing proxy advisors as ‘corporate terrorists’ following ISS’s recommendation that shareholders reject his proposed $1 trn compensation package. Musk argued that ISS and Glass Lewis ‘have no actual ownership themselves’ yet effectively control corporate governance outcomes through their recommendations to investors. This identifies a genuine agency problem: proxy advisors bear no economic consequences from their recommendations.
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Tesla: How do you get support for a $1 trn pay package? Give shareholders a slice of the pie
ISS is recommending against Tesla CEO Elon Musk’s $1 tn compensation package. Glass Lewis too. CalPERS and NBIM, manager of the world’s most valuable sovereign wealth fund, have each come out publicly against. But with the Tesla AGM happening today online and at Tesla’s Gigafactory Texas, one small, family-run proxy advisory firm – whose ESG-skeptic voting guidelines are offered by ISS, and which boasted the $57 bn Texas Permanent School Fund as the first state fund to sign up – is backing Musk’s compensation. ‘We’re strongly focused on the alignment of incentives,’ says Jerry Bowyer, CEO of Bowyer Research, who…
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Meta and other companies’ pushback against DEI is a gutless move
All eyes are currently on Washington DC ahead of Donald Trump’s inauguration. Business leaders of the world – and particularly in the US – are lining up to curry favor with the returning US leader after Elon Musk became a part of the president-elect’s inner circle.
