SMIT investors await likely sale of SpaceX stock
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Tom Slater (pic: DB Media Services).
Scottish Mortgage Investment Trust will have the first opportunity to sell down part of its 19.3% stake in SpaceX when the lock-up period ends tomorrow.
How much it may sell will be influenced by the share price which has come under pressure from the imminent impact of investors cashing in on the 11 June IPO which saw Elon Musk’s satellite and rocket firm valued at more than $2 trillion.
From 6 August SMIT will be able to sell up 20% of its stake.
At its AGM in Edinburgh last month, manager Tom Slater told shareholders there are further time-based “unlocks” for the remainder of the holding.
In overnight Q2 results, SpaceX beat Wall Street’s revenue expectations, but a rise in spending on AI led to a sell-off in the shares.
Read the full story on Daily Business here.
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