Reuters: No one can remove Elon Musk from SpaceX.. except Elon Musk himself

Reuters has revealed that the initial public offering documents for SpaceX show that the company will adopt a "dual-class share" system, a model that grants founders greater voting power than new investors, aiming to maintain managerial stability after listing.

Difficulty in removing Elon Musk
According to the documents, Elon Musk cannot be removed from his position as CEO or Chairman of the Board except with the approval of holders of Class B shares, which give him ten votes per share, meaning he effectively retains control over decision-making.

Influence extending to the Board of Directors
Musk’s large holding of Class B shares gives him the ability to influence the election and removal of most board members, which enhances his control over the company's strategic directions.

A clear message to investors
SpaceX warns investors that this structure will limit their ability to influence governance decisions or change leadership, compared to traditional publicly listed companies.

Although this type of structure is common in tech companies, what distinguishes SpaceX is the greater concentration of control in the hands of the founder compared to other market examples.
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