SpaceX-backer urges rule overhaul ahead of activist challenge

Summarised from 2 outlets · Updated 8 Oct, 05:13 · Archive

An investment trust holding SpaceX shares is urging ministers to overhaul City rules amid pressure from an American activist hedge fund.

Baillie Gifford US Growth Trust, which holds shares in Elon Musk's SpaceX, has written to City minister Lucy Rigby and Scottish secretary Douglas Alexander seeking an overhaul of the City rulebook. Chair Tom Burnet described the threat posed by a US activist hedge fund as a catalyst for this appeal.

The investment trust has come under pressure from campaigns aimed at unseating its board. Burnet's letter frames the current regulatory framework as inadequate to defend against such activist campaigns. The trust is seeking ministerial intervention to strengthen the City's rules.

How it is being reported

• Investment trust urges ministers to overhaul rules amid Saba ‘threat’An investment trust which holds shares in SpaceX has urged the City minister to overhaul the rule book to stop the “threat” of a notorious US activist hedge fund. Tom Burnet, chair of the Baillie Gifford US Growth Trust, has written to City minister Lucy Rigby as well as Scottish secretary Douglas Alexander to plead [...]City AM · 8 Oct, 05:00
• SpaceX-backer urges ministers to overhaul rules amid Saba raidAn investment trust which holds shares in Elon Musk's SpaceX and which is under siege from an American activist is urging ministers to plead for an overhaul of the City rulebook amid a deluge of campaigns to unseat boards.Sky News Business · 7 Oct, 15:56

In this story: Baillie Gifford US Growth Trust · SpaceX · Lucy Rigby · Douglas Alexander · Tom Burnet · Elon Musk

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