EXCLUSIVE: SpaceX IPO Benefits Corporate Insiders Over Regular Investors, Financial Reform Expert Says—Urges Indices To Not Fast-Track Elon Musk's SPCX

Benzinga01:30

In conversation with Natalia Renta, the Associate Director of Corporate Governance and Power at Americans For Financial Reform, Benzinga asked her what she thought of the Elon Musk-led company’s ...

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Musk also holds over 85% of voting rights in the company, as well as a vast amount of Class B shares under the commercial space flight giant’s dual-class share structure.\nSpaceX has a \"sky-high valuation,\" Renta said, adding that the registration statement, according to critics, read like a \"sci-fi novel,\" with \"unrealistic\" expectations like orbital data centers.\nWith SpaceX gaining entry into the Nasdaq 100 and other such indices, index funds that track the indices would be investing in the company. The funds comprise retirement savings like 401(k)s and more.\nRenta said that she was worried about the company’s fast-tracked entries into indices like the Nasdaq 100. \"We’re concerned that SpaceX is getting crammed into these index funds while the share price is very volatile and very inflated,\" she said, which poses a threat to many retirement savings funds like 401(k) accounts.\nHowever, Renta also acknowledged that the index providers remain largely unregulated and that it needed to change. She added that asset managers have a fiduciary duty and have to protect investors by determining whether to track SpaceX or not.\n\"You can’t just blindly follow a largely unregulated index provider; you need to make your own determination so that they can fully protect their ultimate beneficiaries,\" she outlined.\nRenta lamented the dual-class share structure, saying that the market should \"resist its normalization.\" She said that the structure helps elevate the \"erosion\" of shareholder rights that allow them to have a say in corporate governance. She termed the structure \"problematic.\"\n\"We need to take steps to protect regular investors and actually have a financial system that works for not just a few insiders, but for all of us,\" she said. Renta expressed concerns with Musk’s voting power.\nWhen asked if shareholders in SpaceX had any recourse against the management or if they could do anything, Renta said that shareholders could do \"very little, like very, very little.\"\n“They’re instituting a 3% ownership threshold for anyone to bring shareholder derivative claims, which are claims that regular shareholders can bring on behalf of the company against insiders for wrongdoing,\" Renta said, when speaking about possible legal recourse for shareholders.\nTexas corporate law, where SpaceX is incorporated, allows the Board of an organization to require plaintiffs to hold at least 3% of the company’s shares, which in the SpaceX context could amount to billions of dollars, Renta said.\nWith MegaCap companies like SpaceX, Renta said that the \"federal government could step in and set a corporate governance floor to guarantee rights for regular shareholders\" by enforcing listing standards or requiring companies over a certain size to have a \"federal charter.\"\nShe also said that asset managers like BlackRock Inc. (NYSE:BLK) have been under pressure to \"side with the management\" over the past few years, adding that it needed to change.\n\"Recently-public companies can be very volatile,\" Renta said. \"This is exactly why you need protections from the index providers and for companies not to be jammed into indices,\" she added.\nCheck out more of Benzinga’s Future Of Mobility coverage by following this link.\nPhoto courtesy: Shutterstock\nTo add Benzinga News as your preferred source on Google, click here.","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"policyRegulatory","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.44.0","shortVersion":"4.44.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2647346320","isCrawlerRequest":true}