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    SpaceX in talks to favor E*Trade over Robinhood and SoFi for retail IPO shares


    Source: https://finance.yahoo.com/markets/stocks/articles/robinhood-reportedly-cut-blockbuster-spacex-200711229.html

    As per the latest Reuters report, Elon Musk's rocket-making giant SpaceX is reportedly choosing Morgan Stanley's E*Trade to go public later this year.

    But this means two of Wall Street’s biggest brokerages, Robinhood Markets (Nasdaq: HOOD) and SoFi Technologies (Nasdaq: SOFI), will miss out on the biggest IPO of history, according to two people familiar with the matter.

    SpaceX gears up for IPO

    SpaceX is one of the world's top space technology companies. The rocket maker has held Bitcoin (BTC) since 2021 and currently holds 8,285 coins on its balance sheet.

    The company is expected to launch its initial public offering (IPO) this year, and as per the latest Reuters report, E*Trade could secure the majority of retail allocation for the IPO.

    Morgan Stanley is a lead underwriter on the deal and is expected to route a significant ​portion of shares set aside for small U.S. retail investors through the brokerage platform E*Trade, which it acquired in 2020, the report said.

    Fidelity Investments is also in the race to distribute some of the SpaceX shares, the report added.

    SpaceX is considering setting aside up to 30% of its shares for retail investors, and a significant portion of that allocation is expected to go to private wealth and high-net-worth clients.

    Robinhood, SoFi reportedly out of race

    Robinhood is a Menlo Park, California-based e-trading platform that is known for its stock, cryptocurrency, and tokenized stock offerings. Founded by Stanford graduates Vladimir Tenev and Baiju Bhatt in 2013, the company has emerged as a popular broker.

    Founded in 2011, SoFi Technologies, Inc. (Nasdaq: SOFI) is an American fintech company that became the first nationally chartered bank in the U.S. to launch cryptocurrency trading for retail customers in November last year. Its brokerage platform is popular among investors.

    Both companies are reportedly out of the SpaceX IPO race as per the Reuters report.

    The HOOD stock was trading 2% lower at $64.88 at press time, and the SOFI stock was trading 1% lower at $150.07.

    SpaceX in talks to favor E*Trade over Robinhood and SoFi for retail IPO shares
    byu/callsonreddit inwallstreetbets



    Posted by callsonreddit

    35 Comments

    1. yeehaw_brah on

      I thought Elon always said he wouldn’t take it public because the goal was to use the earnings to fund mars exploration?

    2. xjcln on

      NGL I kinda thought e-trade stopped existing a while ago. Remeber ads from the 90s for them….

    4. Big_Witness on

      Buy this stock at IPO and prepare to get rugged while making the world’s richest man obscenely richer

    7. DoubleFamous5751 on

      Absolutely not touching this thing, so it will likely go up 300% in a few days then crash like the other IPO’s

    8. cinciNattyLight on

      Wouldn’t he want to target the most retarded, gullible traders??? Is that not Robinhood???

    11. poopstainsbrah on

      Oh Morgan Stanley just happen to pick E*trade who they own as primary broker .

    14. Ok-Beach1673 on

      Didn’t he say a couple years ago he was trying to make his own exchange in Texas? Did that fall through or something?

    15. Cool-Clement on

      Fuck I hope this is not so Morgan Stanley will soften up index inclusion reqs…

    17. Beginning_Purple_579 on

      You all kmow this will be the rugpull of the century, right? They are planning a high retail quote so that all the elon fanboys can pump the stock as high as possible so that all the big investors can pull out in the first week and make big gains. 

    18. SquirrelODeath on

      I am really enjoying the fact that this is slated to go ipo in a risk off marketplace, by a man who helped get us into this state.

    19. reddsht on

      You really think them holding $500mil worth of bitcoin is a selling point, when they aim for a 1.75 Trillion evaluation? 

    20. NeoThorrus on

      Lol IPOs are overrated. Most of the time you will lose money instead of just buying the stock in open market.

    21. CMTTrader on

      Well no shit it’s rigged. Morgan Stanley is one of the lead underwriters….and they own E*trade.

    25. deuce-loosely on

      so it’ll open at what 6 or 700 a share and shoot up so these dudes can sell dropping it back down to 200? i’m buying a couple if i can just for the shit of it.

    30. meatsmoothie82 on

      Whoever is gonna let them ass-smash the most retail traders the hardest gets to make the IPO happen.

    31. OonaPelota on

      IPO sometimes means that the winning gamblers want to cash in their chips and let someone else sit at the table.

      Sometimes it means that the bag holders are getting tired of bag holding.

    34. spez_eats_nazi_ass on

      MS stock looks to be on a downtrend since December. Ima go ber on their corn holes. Adam Jonas is also almost as regarded as Cathy Wood.

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