Musk to retain control of SpaceX after IPO through super-voting shares – Reuters
Kyiv • UNN
SpaceX plans to grant Elon Musk enhanced voting shares after going public. The company's valuation could reach a record $1.75 trillion.
SpaceX plans to solidify Elon Musk's control after going public by granting him and a group of insiders super-voting shares. Reuters reports this, citing company documents, writes UNN.
Details
This refers to a confidentially filed IPO prospectus containing details on corporate governance and finances. After the IPO, Musk will remain CEO, CTO, and Chairman of the Board of Directors.
Shares with enhanced voting rights will allow him and insiders to control company decisions, even with the participation of external investors.
IPO Parameters
According to Reuters, SpaceX could be valued at approximately $1.75 trillion, raising about $75 billion, potentially making it the largest IPO in history.
Musk, who invested $1.4 billion in the company last year, could receive billions of shares after going public.
Executive Compensation
According to the documents, company President and COO Gwynne Shotwell received $85.8 million in compensation, and CFO Bret Johnsen received $9.8 million.
Meanwhile, Musk's official salary last year was $54,080.