Roll up for the Elon Show

It is seen purely as a punt  on Elon Musk. No one knows if  a prospectus premised on running datacentres from space and colonising Mars is worth that much or, indeed, anything, but a great many people have faith that Musk can make it worth that much. And it seems that faith is all that’s necessary to make a success of the biggest IPO in history.

It is reported that 30% of the offer will be for retail investors – ordinary individuals – and these are the people who not only supported Tesla when it IPO’d while on the brink of financial disaster, but have kept the Tesla share price at fiscally remarkable levels.

Instead of using the road-show as a feeler to see what the market will bear, it is said that Musk just named the share price he wanted  – $135.

Musk has diced and spliced the small-print to suit himself. He will have 85% of the voting rights after the IPO and no one can sack him except  himself