Nick Clegg could make £30m windfall from datacentre startup Nscale flotation
The former UK deputy prime minister is a board member of the UK-based company and owns 917,000 shares Nick Clegg could make approximately $40m (£30m) from the planned float of Nscale as the UK-based datacentre company prepares for a US stock market listing. The former UK deputy prime minister owns more than 917,000 shares in the startup, which is reportedly seeking a valuation of up to $35bn in a…
Former UK deputy prime minister Nick Clegg could potentially earn around £30 million from the planned flotation of datacentre startup Nscale. Clegg is a board member of the UK-based company and owns over 917,000 shares. The startup is seeking a valuation of up to $35 billion in its US stock market listing, which could significantly increase the value of Clegg's stake.
While Nscale was last valued at $14.6 billion in a recent funding round, the flotation could yield valuations of about $42 million for Clegg's 0.12% stake and $88 million for Sheryl Sandberg's 0.25% stake, according to the Financial Times. However, Forbes estimates Sandberg's wealth at $2.4 billion. Both Clegg and Sandberg are paid an annual retainer of $60,000.
Nscale filed documents for its US flotation on September 18 and is expected to debut on the stock market before the year's end. The company has reported a loss of $1 billion in the six months to June 30, on revenues of $140 million. Nscale's chief executive, Josh Payne, sees significant potential in "sovereign AI," where countries develop their own AI models and infrastructure to reduce reliance on US or Chinese technology.
This aligns with calls from European officials like Christine Lagarde and Margrethe Vestager for Europe to invest more in its own AI infrastructure.
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