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    Reuters: SpaceX IPO gives Musk sweeping power and curbs shareholder rights


    Reuters: SpaceX IPO gives Musk sweeping power and curbs shareholder rights

    https://www.reuters.com/sustainability/boards-policy-regulation/spacex-ipo-gives-musk-sweeping-power-curbs-shareholder-rights-2026-05-06/

    Posted by horsebatterystaple0

    23 Comments

    1. horsebatterystaple0 on

      Snipplets from the article:

      > Excerpts of SpaceX’s IPO registration statement reviewed by Reuters show the company is combining supervoting shares, mandatory arbitration, stricter ​rules on shareholder proposals and Texas corporate law to give Musk and other insiders broad control. At the same time, it sharply limits investors’ ability to challenge management, sue in court and force votes on governance issues.

      > And the only person who can fire Musk is ‌Musk, who will retain majority control through supervoting shares.

      > “It closes the voting door, the courthouse door and the proposal door simultaneously. It’s unprecedented in terms of creating a total lack of accountability,” said Bruce Herbert, CEO of Seattle-based sustainability-focused wealth management firm Newground Social Investment, which challenged Musk at his electric-vehicle company, Tesla (TSLA.O), opens new tab, with a shareholder proposal that won 49% of the vote in November.

    3. Totallycomputername on

      Do they have any rights now?  When has Elon not gotten his way?

    5. admin_default on

      Things always end well when companies give total control to the same guy that spent $200B to buy up his failing AI chatbot and now just rents its whole data center to run a competitors chatbot.

    6. dysonnun on

      He wasn’t making the same mistake twice when it came to his ridiculous pay package.

    7. tabrizzi on

      >And the only person who can fire Musk is ‌Musk, who will retain majority control through supervoting shares.

      Like the Board of Peace nonsense.

    10. Jimmy_Wrinkles on

      I’m predicting he tweets they’re building AI data centers on Jupiter and the market just eats it up like everything else

    14. Gullible_Ad3785 on

      I believe in the SpaceX IPO

      Off of the blood sacrifice of TSLA aka ShitCo bag holders

      Long term who the fuck knows.  Lots of regards out there.

    22. Sufficient-Matter-42 on

      IPO is the definition of giving away voting rights for money.
      Honestly ETFs shouldn’t allow companies in that don’t hand over voting rights proportional to the number of shares purchased by the public.

      Somehow companies like Ford and Meta get away with it.

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