00:00It's Benzinga, bringing Wall Street to Main Street.
00:03SpaceX's IPO filing showed Elon Musk will retain majority voting control through supervoting
00:08shares and broad authority over the company after it goes public later this year, according
00:12to Reuters.
00:13The company plans to use supervoting shares, mandatory arbitration, stricter shareholder
00:18proposal rules, and Texas corporate law to give Elon Musk and insiders broad control
00:24while limiting investors' ability to challenge management or force governance votes.
00:28The IPO structure will also give Musk effective control over his own position at the company,
00:34meaning that the only person who can fire Musk is Musk.
00:38The filing said Musk holds 42.5% of SpaceX equity and 83.8% of voting control.
00:46Some investors and governance experts criticized the structure as restrictive, while others
00:51said Musk's control is justified because of his track record building Tesla and SpaceX.
00:56For all things money, visit Benzinga.com.
