Boaz Weinstein Busts Baillie Gifford’s SpaceX Sale

Elon Musk’s SpaceX is one of history’s most eagerly awaited initial public offerings. The valuation sought for the rocket maker could reach $1.5 trillion, according to Bloomberg News. So it’s little wonder that Scottish fund manager Baillie Gifford is under fire for disposing a chunk of SpaceX shares belonging to an investment trust whose money it runs.

Edinburgh Worldwide Investment Trust Plc, like peers, is a public company whose assets are holdings in other firms. These can include otherwise hard-to-access privately owned businesses. Capitalized at £796 million ($1.1 billion), the Baillie Gifford-managed entity focuses on emerging growth companies. The SpaceX holding dates back to 2018 and was 16% of its portfolio at last count. It’s arguably the trust’s core attraction.