Episode Details

Leaders from three major U.S. public pension funds have sent a stern letter to Elon Musk, expressing concerns over SpaceXs proposed governance structure for its upcoming IPO. With over one trillion dollars in assets under management, these pension funds are worried about Musks unchecked power, including total voting control and veto rights over his own firing as CEO. The letter criticizes the proposed structure as the most CEO-friendly ever pitched for a public company of this size, with SpaceX aiming for a seventy-five billion dollar raise at a one trillion seven hundred fifty billion dollar valuation. The pension funds highlight Musks past regulatory issues and lack of board independence, urging for basics like one-share-one-vote stock, a fully independent board, and more. SpaceX has yet to respond, but with this IPO set to impact markets, these pension giants are pushing for a meeting with Musk to address their concerns and protect investors stakes.

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