Elon Musk isn’t the only billionaire borrowing against pledged company stock, but—as usual—he’s in a league of his own.
who have pledged shares of public companies, listed on either the New York Stock Exchange or the Nasdaq, for which they serve as directors or are 5%+ shareholders. Prominent pledgers include Musk’s fellow centibillionaire Larry Ellison, activist investor Carl Icahn and private equity tycoon Steve Schwarzman.
, plus the estimated 71.3 million pledged to secure his Twitter margin loan —are worth a shocking 52% of total aggregate value.Musk isn’t the only Tesla board member pledging shares: Antonio Gracias, chief executive officer of private equity firm Valor, Most large companies ban pledging altogether. Over two-thirds of S&P 500 companies have rules prohibiting their directors and large shareholders from borrowing against pledged company stock; another 22% prohibit pledging but make exemptions for certain individuals; and only 3.4% of companies in the S&P 500 permit pledging without any limits, according to proxy advisory firm ISS Corporate Solutions.
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