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Elon calls up Michael Grimes whenever he needs to raise capital. The long-time investment banker has played a critical role in his companies.
Grimes was the banker who took Tesla public in 2010 at a $1.7 billion valuation. He also helped raise capital for the purchase of Twitter a few years ago.
The banking executive has been serving in the Commerce Department and reporting to Secretary Howard Lutnick. In that role he helped execute a deal for the U.S. government to buy 10% of Intel. And he also has been involved plans to take Fannie Mae and Freddie Mac public.
Morgan Stanley says the banker rejoined the firm as the head of investment banking.
The timing couldn’t be better.
SpaceX is preparing to go public in the biggest stock offering ever. Wall Street banks – including Morgan Stanley – stand to earn $400m in fees.
Elon clearly wants his Wall Street confident onboard with the upcoming deal.
Shares could be listed on the Nasdaq before July. That means right now could be the best time to secure a stake before it starts trading.
Go here for important details on the situation.
Ian Wyatt