Market Chatter: SpaceX Faces Investor Pushback Over Musk Control Ahead of Planned IPO

MT Newswires Live05-14 18:57

Tesla's (TSLA) chief executive officer Elon Musk's SpaceX is facing opposition from leaders of three major US public pension systems over what they described as the company's "extreme" governance structure ahead of its planned initial public offering, Reuters reported Thursday.

In a letter reviewed by Reuters, New York and California pension leaders raised concerns over Musk's reported voting control, veto powers, and limits on shareholder rights, the report said.

The pension leaders urged the company to adopt a one-share-one-vote structure, phase out super-voting shares within seven years, and strengthen board independence and shareholder rights, the report said.

SpaceX did not immediately respond to a request for comment by MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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