EVsTomasz Tunguz1 day ago
A CEO's Cost of Capital Advantage
2 min read
Elon Musk retained top decile ownership at SpaceX IPO despite raising 25x more than typical founders. His cost of capital remained low due to early wins from Zip2 to Tesla. Retail ownership at SpaceX reached 7x S&P 500 average. The flywheel effect from sequential success reduced future capital costs. Musk raised more capital than most founders while keeping majority ownership.
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