Forget ‘TechnoKing’: Elon Musk will really be king at SpaceX
Elon Musk has incredible sway over the companies he leads. And while he already calls himself “TechnoKing” at Tesla, he is a real ruler over SpaceX, wielding an unprecedented level of control over one of the most valuable companies in the world.
Musk’s monarchical grip on SpaceX was finally laid bare in the company’s IPO filing made public on Wednesday.
Post-IPO, Musk will be CEO, CTO, and chairman of SpaceX’s board, and will have more than 50% of the voting power, giving him the ability to appoint directors as he sees fit. He essentially cannot be fired.
The company has placed limits on how shareholders can file legal challenges, and it will benefit from a far more permissive regulatory regime in Texas, its home state – an environment Musk helped create when he loudly moved Tesla’s incorporation there from Delaware.
As SpaceX bluntly tells prospective investors in the filing:...
Copyright of this story solely belongs to techcrunch.com. To see the full text click HERE
