Atlassian's CEOs both have dealmaking side projects, but they’re not too distracted from their day jobs as experts mostly run the show. It’s a useful example of how elonmusk can avoid a repeat of his Twitter mess, says AntonyMCurrie
On the face of it, Atlassian’s shareholders ought to be worried that both bosses have their eye on other matters. The stock has been hit hard by the broader technology rout, losing more than half its value since its October high. But revenue is still growing at a 30% annual clip, and its valuation at 131 times the next 12 months’ estimated earnings, per Refinitiv data, is more than double that of Tesla.Moreover, both are letting the experts mostly run the show.
Such outsourcing might have helped Musk avoid the Twitter fiasco, from declining to conduct due diligence to stumping up much of his available wealth to finance the bid. That contributed to Tesla’s stock falling as much as 45% after he first revealed his interest in the social media platform. Musk might not relish following the Atlassian bosses’ example, not least after his and Farquhar’s recentFollowAustralian renewable energy company Genex Power on Aug.
Skip Capital already owned almost 11% before the bid was announced. Together with consortium member Stonepeak Capital, it has since increased its stake to 19.99%. Mike Cannon-Brookes, Atlassian’s other co-CEO, earlier this year launched an abortive bid with Brookfield Asset Management to buy Australia’s largest carbon emitter, AGL Energy, for some A$8 billion. After that failed, he led a successful campaign to prevent the company’s planned breakup into an energy generator and an energy retailer.Editing by Robyn Mak and Thomas Shum
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