Amid the buzz around its IPO, SpaceX has reportedly revealed that CEO Elon Musk can only be fired from his position at the top of the commercial space flight giant by one person: Musk himself.
Dual-Class Framework
On Wednesday, Reuters reported that it had accessed filings by SpaceX that revealed Musk could only be removed from his role by Class B shareholders, which hold the voting power of 10 votes. A dual-class framework involves companies issuing two classes of shares, Class A shares with 1 vote and Class B shares with 10 votes.
SpaceX didn’t immediately respond to Benzinga‘s request for comment.
Companies like Meta Platforms Inc. (NASDAQ:META) and Alphabet Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG), as well as investor Warren Buffett‘s Berkshire Hathaway Inc. (NYSE:BRK) (NYSE:BRK), …
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