The reason why a Danish pension fund banned its investors from buying any SpaceX shares is not just the appalling S-1 filings, where the ONL…

The reason why a Danish pension fund banned its investors from buying any SpaceX shares is not just the appalling S-1 filings, where the ONLY profitable segment was Starlink (everything else - the AI, social media, the orbital data centre plans, is burning money at a rate that will bankrupt most companies on this planet). It’s also the governance structure they don’t want to buy into. Elon Musk holds roughly 85% of voting power through a dual-class share structure. He serves as CEO, CTO and chairman of the board, and he cannot be removed as CEO without his own consent. Now, given his personality: - erratic - narcissistic - with self-confessed (and self-evident) ketamine drug addiction - appalling personal life (kids across multiple mothers, and yes - that matters in business) - fringe political views, etc. etc. It is NO surprise that competent investors would not risk the money of their clients. The world is changing and people agreeing to play roulette with their clients’ money are coming to an end. Also, many haven’t forgotten 2008, and yes - the American system (or lack of one, especially guardrails) is still blamed for causing that global recession. Scarcity will lead to investments flowing into more stable, reputable and sustainable ventures.

Source: Gary Marcus (X) | 2026-06-07