00:00It's Benzinga, bringing Wall Street to Main Street.
00:02SpaceX filed to go public with Elon Musk holding roughly 85% of the company's voting power,
00:08a level of control that corporate governance experts say is nearly unprecedented for a company
00:13of its size. According to the Wall Street Journal, Musk controls around 94% of Class B shares,
00:19which carry 10 votes each, while retail investors receive Class A shares with one vote each.
00:25SpaceX is incorporated in Texas, which limits shareholder lawsuits to those representing
00:30at least 3% of issued stock. And the company also requires arbitration, blocking Class Action suits.
00:38Musk has been granted 1.3 billion Class B shares tied to performance goals,
00:43including colonizing Mars and building data centers in space.
00:46SpaceX is expected to reach a valuation of at least $1.5 trillion.
00:51For all things money, visit Benzinga.com.
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00:55se
00:55thankfully
00:55exported
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