SpaceX is set to make its public debut, but some investors who backed the company through special purpose vehicles (SPVs) are still unsure about their share holdings.
The use of multi-layered SPVs has created a complex structure, with some investors potentially owning fewer shares than they think or none at all. SPV managers won't begin distributing shares until the company's rolling lock-ups are lifted, which is scheduled to take place over four months.
The lack of transparency and communication in these structures has raised concerns about potential scams or fraud, with some investors already experiencing issues with unresponsive SPV managers.
As the lock-ups expire, investors will finally learn the true value of their holdings, but some may be in for a surprise.
