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Elon Musk is about to take SpaceX public on terms that would get most CEOs laughed out of a roadshow. Investors are lining up to buy in.
The Wall Street Journal reported Thursday that SpaceX’s board has granted Musk his own “moonshot” pay package and is structuring the June IPO around a dual-class share system. Musk and a handful of executives will hold Class B shares with 10 votes each. Outside investors, including the retail buyers SpaceX hopes will take one-third of the offering, get Class A shares with one vote each.
It is the governance setup Musk has publicly admitted he wishes he had locked in at Tesla Inc. (NASDAQ:TSLA) in 2010, where his roughly 18% stake leaves him technically removable.
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