Susannah Batley

speaker

230 appearances 2 recordings 1 series first heard May 2026 last heard 22 Jul

Susannah Batley’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 2 in all, peaking in Jul 2026 with 1.

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Shared Lunch · The investor’s guide to the SpaceX IPO · 27 May 2026 podcast

So yes, there's a lot of information, but it's also working out what parts do you think are credible, given that a lot of it is really based on the future.

Really, to Jackie's point around meeting management, this is particularly, I think, relevant for the SpaceX IPO.

There's two individuals in particular that I think are very important to be looking at.

So firstly, Elon Musk, post-IPO, given the different tranches of shares that have different voting rights attached, he's going to have around 85% of the voting rights.

And he will also control the entire board, so all members of the board.

And so you think about a large institutional investor being able to meet with that person and really trying to get confidence around that person because for investors investing in SpaceX,

If you suddenly are concerned with, say, the trajectory that Elon Musk might be taking, really the only alternative is to vote with your feet and sell your shares.

And then also Gwynne Shortwell, who's the president and chief operating officer who really runs SpaceX on a day-to-day basis,

has since, I think, 2002.

So really been there right from the beginning of the journey.

But this is, I think, a particular example where you have a very small number of individuals, really one that is controlling the entire thing.

Really, I think as an investor, yes, you can look at financials and yes, you can look at risks and all these other things.

But really, you are taking a big bet on that one individual and saying, is that person going to be

making great decisions that continue to increase the value of the company going forward.

I'd say one of the things with the US market that I think is a bit different to both the Australian and the New Zealand markets is, you know, we're seeing particularly in technology companies and particularly where there's that really strong founder dynamic and continue to be founder led, as you see these different classes of shares with different voting rights attached, really to continue to give the founders control as they may need to

raise money and dilute the economic interests.

And that's something I think that we see much more rarely in the Australian New Zealand market.

It's very much best practice of ordinary shares, you know, aligning voting and economic interests, independent directors that help provide accountability and options to course correct if need be.

Yeah, I mean, it will be interesting to see what they do around participation.

You know, it's going to be within that index.

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