SynopsisDanish pension fund Akademikerpension has excluded SpaceX from its investments. The fund cited concerns over the company's governance structure and its high valuation. Akademikerpension believes SpaceX's stock is overvalued, with a market indication of over $1.8 trillion. They also highlighted Elon Musk's significant control over voting rights. This move comes as SpaceX prepares for its initial public offering.Danish pension fund Akademikerpension said on Friday it had placed SpaceX on its portfolio exclusion list ahead of the company's initial public offering, citing concerns about the governance ‌structure ⁠and what ⁠it said was an overvalued stock.Market indications point to a valuation of at least $1.8 trillion for SpaceX, Akademikerpension said in a statement, adding that it was difficult to justify a market valuation ⁠above $1 trillion.‌Investors are asked to accept an unprecedentedly low risk premium ⁠for a highly uncertain company, the pension fund said.SpaceX did not ​immediately respond to a request for comment when contacted by Reuters via email.Akademikerpension also said the governance structure of SpaceX was "extremely deficient", adding that ‌Elon Musk is expected to control more than 80% of the voting rights while ⁠simultaneously serving as chief executive officer, chief technology officer and chair of the board."The extreme ​concentration of power effectively prevents the board from exercising meaningful oversight and makes it impossible to remove Musk against his will," Akademikerpension said. ...moreElevate your knowledge and leadership skills at a cost cheaper than your daily tea.Subscribe Now