Nick Clegg could make £30m windfall from datacentre startup Nscale flotation

Nick Clegg stands to make millions from a datacentre startup IPO that notably left its largest Chinese customer unnamed in investor pitches.

Former UK deputy prime minister Nick Clegg stands to gain a multimillion-pound windfall from the upcoming US stock market flotation of datacentre startup Nscale. The UK-based company is pursuing a valuation of up to thirty-five billion dollars while preparing for its market debut. However, regulatory and investor disclosures reveal that the firm omitted the prominent naming of its largest customer from the previous year, Chinese tech giant ByteDance.

• Nick Clegg holds over nine hundred thousand shares representing a minority stake in the datacentre startup.
• The prospective stock market listing targets an overall company valuation reaching tens of billions of dollars.
• ByteDance served as the artificial intelligence cloud provider's biggest customer during the preceding year.

By the numbers

Timeline

1. Sep 22Reports revealed that Nick Clegg could make a significant financial windfall from Nscale's planned US flotation.
2. Sep 23Financial disclosures highlighted that the company omitted naming its largest customer, ByteDance, in its IPO pitch.

In this story

Covered by 2 outlets

• Financial TimesUK data centre group left biggest customer ByteDance unnamed in $35bn IPO push6d ago · open ↗
• The GuardianNick Clegg could make £30m windfall from datacentre startup Nscale flotation1w ago · open ↗

Similar stories

• Nvidia Announces Record Hundred and Fifty Billion Dollar Stock Buyback Plan14h ago
• OpenAI buys AI camera startup ahead of mystery gadget launch1w ago
• Meta Launches Enterprise Artificial Intelligence Unit Led by MongoDB Chief1h ago
• Investor Scepticism Slows Down Major Artificial Intelligence Initial Public Offerings2d ago
• Does Airtel Money mark the end of London’s listing drought? Not yet | Nils Pratley5d ago
• The politics of AI, part two1w ago