Elon Musk's plan to keep complete control of SpaceX even after it goes public
Elon Musk will retain significant control over the soon-to-be public company. Johannes Neudecker/picture alliance via Getty Images SpaceX detailed all the ways in which Elon Musk will retain control of the public company. SpaceX's IPO filing says Musk will be its CEO, chief technology officer, and board chairman. SpaceX will operate as a controlled company, exempt from some public company governance rules. Scorned by his time helming Tesla, Elon Musk went a long way to ensure he's not at the mercy of SpaceX shareholders. On Wednesday, Musk's SpaceX kicked off its public journey as a listed company, publishing the S-1 paperwork required for its highly anticipated IPO . Throughout the document, the company detailed all the ways it differs from a traditional public company and how influence would remain with Musk, who holds over 85% of voting power. 1. Control of the board The hotly awaited filing said that Musk will serve as the company's CEO, chief technical officer, and chairman of its board and will control the election of SpaceX's board of directors. "As the holder of a majority of our outstanding shares of Class B common stock, Mr. Musk will be able to elect, remove or fill any vacancy among the Class B Directors," Wednesday's filing read. Founders want control over their board of directors because it makes key decisions about the company, including the power to fire the CEO, decide their compensation, and decide whether to sell the company. In 2018, Musk stepped down as Tesla's chair after the Securities and Exchange Commission charged him with misleading investors by tweeting that he was considering taking the company private. The SEC suit said that the announcement, with no factual details, created chaos and hurt investors. Musk paid $20 million to settle the suit. On a July Tesla earnings call, Musk said that while he wants more ownership of Tesla, he doesn't want so much control that the board can't fire him if he goes "crazy." 2. Dual stock classes SpaceX w