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Blue Owl shares surge after private credit firm cites 10X gains from SpaceX

CNBC·Hugh Son·about 1 month ago
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Blue Owl Capital at the New York Stock Exchange, May 20, 2021. Source: NYSE Shares of Blue Owl , the private credit firm at the center of recent jitters over exposure to software companies, jumped 10% in trading Thursday after executives disclosed sizable gains tied to SpaceX. "We made about 10 times our money on that investment," an executive said on the firm's first-quarter earnings call. Blue Owl has already sold roughly half its position at a $1.25 trillion valuation and continues to hold the remainder, he said. The call was hosted by Marc Lipschultz, co-chief executive officer, and Alan Kirshenbaum, chief financial officer. It wasn't immediately clear which executive spoke specifically about the SpaceX investment. The gains on SpaceX, which is headed toward what may be the largest IPO in history later this year, could offset potential losses elsewhere in Blue Owl's portfolio if software companies default, the executive said.…

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