Musk solidifies control over SpaceX ahead of IPO

Elon Musk is set to exert unprecedented control over SpaceX following its upcoming IPO, effectively making him a ruler of the company. His dominance will be cemented through a dual-class share structure, ensuring he retains over 50% of the voting power post-listing. This structure, combined with Texas's permissive regulatory environment and specific bylaw provisions, significantly limits shareholder influence and legal recourse. Musk's control extends to appointing directors and making major corporate decisions, including mergers and acquisitions, without needing broad shareholder approval, a level of power exceeding that of founders at other major tech firms.