The London Stock Exchange is playing a familiar game. Eyes on the prize. And the prize is Elon Musk.
Whispers from the Square Mile suggest the LSE is positioning itself to list chunks of Musk's sprawling empire. Tesla is the obvious jewel. But there's talk of SpaceX, even X. The thinking? A London listing would give Musk's companies access to deep pools of British capital. Pension funds. Insurers. The quiet money.
But here's the rub. Musk is a creature of volatility. The LSE knows this. They've seen what happens when a high-profile listing goes sour. Remember the Woodford saga? The LSE doesn't want another scar.
Still, the numbers are intoxicating. Musk's net worth has hit a trillion. In charts that make your eyes pop. The LSE's data team has been working overtime. Modeling scenarios. Stress tests. They know a Musk listing would be the biggest in London since Glencore.
There are political angles too. Downing Street is watching. Keir Starmer's team knows a Musk listing would be a huge boost. A signal that post-Brexit Britain is still a player. But there's resistance in the party. The left flank hates Musk. Calls him a tax dodger. An oligarch in his own image.
Cabinet sources tell me Rachel Reeves is pushing the LSE to be more aggressive. She sees it as a way to revive London's IPO market. Which has been a morgue for two years. But Number 10 is wary. One wrong move and Musk could walk. He's been known to pull surprises.
Backbenchers are seething. A group of Labour MPs is already drafting an amendment. To block any listing unless Musk pays more UK tax. It won't go anywhere. But it shows the mood.
The game is on. The LSE is circling. Musk is playing hard to get. Watch this space.
But a caution for the LSE. Musk is a disruptor. He doesn't play by the rules. London's regulators are not ready for him. They would need to bend. A lot.
In Whitehall pubs tonight, the talk is all Musk. The can-we-do-this? of it all. The answer is yes. But the cost might be high.
The Prize: Musk's portfolio could be worth over £800bn according to LSE internal estimates. The Rival: New York is still the favourite. Nasdaq would love another Musk listing. The X Factor: Musk's unpredictability. He changes course on a tweet.
For now, London waits. And hopes. And worries.
