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SpaceX IPO: Retail fleecing, rules rewritten

NASDAQ just gutted its own rules so Musk could go public on his terms. Minimum free float requirement? Gone. Seasoning period? Chopped from 3-12 months to 15 trading days. Result: passive funds, 401ks, pensions all getting force-fed SPCX whether they want it. But here's the kicker. Class A shares get one vote each. Musk's Class B shares get ten votes each, and he holds 93.6% of them. That's 85.1% voting power on a 42% economic stake. He's untouchable as CEO, CTO, and board chair simultaneously. For context: Zuckerberg controls 61% of Meta. Buffett 35% of Berkshire. Musk crushes both at 85.1%. SpaceX is claiming "controlled company" status, so no independent director majority required. Shareholders waive jury trials. Waive class actions. Mandatory arbitration only, thanks to an SEC rule change rammed through on party lines last September. $1.75 trillion valuation. $80 billion raise. Largest IPO ever. The rules got rewritten so one guy could extract maximum capital from retail and answer to absolutely no one.
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