Exclusive Power: SpaceX Documents Reveal Only Musk Can Fire Musk
According to excerpts from SpaceX's first public offering prospectus, the company's founder, Elon Musk, has designed an extremely rare power structure for himself: "Only Elon Musk can fire Elon Musk." This clause highlights how the billionaire intends to consolidate his absolute control over the rocket and AI manufacturing giant as it prepares to become a publicly traded company.
Documents show that SpaceX plans to adopt a dual-class share structure after an IPO potentially valued at up to $1.75 trillion. Publicly issued Class A shares will have one vote per share, while Class B shares held by Musk and a small number of insiders will have 10 votes per share.
In terms of personnel, Musk will hold "three positions": continuing as Chief Executive Officer, Chief Technology Officer, and also serving as Chairman of the nine-member board of directors.
Typically, independent directors hold a majority on publicly traded company boards, but SpaceX has applied for a "controlled company" exemption, meaning its board does not need to be majority independent and does not need to establish independent compensation and nomination committees.
Unlocking Power with "Extravagant Incentives"
In addition to controlling personnel appointments, Musk's compensation is also linked to interstellar goals. The board approved an extremely ambitious performance equity plan: if the company's market capitalization rises from its current approximately $1.1 trillion to a maximum of $7.5 trillion, and completes goals such as establishing a million-person colony on Mars and building a space data center, he will receive a huge equity reward.
Analysts point out that while this structure limits the influence of public shareholders, it provides SpaceX with the greatest flexibility to pursue long-term grand visions, attempting to avoid many of the governance controversies Tesla has encountered.