Jefferies CEO says firm is not in the SpaceX shorting business
By Steve Goldstein
Jefferies CEO says the firm is not arranging any shorts of SpaceX.
Some 23 firms are handling the SpaceX initial public offering, and Jefferies Financial Group is not one of them.
But its CEO says Jefferies (JEF) is not taking the other side of the hotly-awaited IPO.
"Not true. Not arranging any shorts," Jefferies CEO Rich Handler said in a post on X, responding to the Exec Sum account that summarized a Bloomberg article saying the investment bank was the destination for help in betting against Elon Musk's company.
He then posted another message, saying: "Jefferies is not promoting any shorting activity regarding any IPO. Any suggestion to the contrary is WRONG."
The article quoted people familiar with the matter as saying not only were some Jefferies executives looking to help investors short the stock, but also flip them after the SpaceX (SPCX) debut.
The IPO is targeting $75 billion of proceeds and a valuation of nearly $1.75 trillion.
That compares to SpaceX's adjusted earnings before interest, tax, depreciation and amortization of $6.58 billion and revenue of $18.67 billion last year.
The S&P 500 SPX trades at an enterprise value to EBITDA of 17, according to FactSet, and 3 times last year's sales.
-Steve Goldstein
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(END) Dow Jones Newswires
06-04-26 0701ET
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