SpaceX to reportedly grant Musk super-voting shares after IPO By Investing.com

Investing.com -- SpaceX plans to grant founder Elon Musk and a small group of insiders super-voting shares that will outweigh other investors following its initial public offering, according to a report from Reuters news

The prospectus, which was confidentially filed this month, provides details of the company's financials and corporate governance. The report said that the filing excerpts show SpaceX will use a dual-class equity structure that gives Class B shareholders 10 votes each, concentrating power with Musk and a handful of other insiders, while Class A shares sold to public investors will carry one vote each.

After completion of the offering, Musk will remain as chief executive officer, chief technical officer, and will serve as chairman of SpaceX's nine-member board of directors.

Musk was paid $54,080 last year, according to the excerpts, but stands to gain billions in equity after the company's stock market debut, the report said citing excerpts of the company's IPO filing reviewed by Reuters.

SpaceX is targeting a listing valuation of roughly $1.75 trillion with a $75 billion raise, which would make it the largest initial public offering in history.

President and Chief Operating Officer Gwynne Shotwell received $85.8 million in total compensation last year, while Chief Financial Officer Bret Johnsen was paid $9.8 million.

The excerpts also outline provisions that could limit shareholders' ability to influence board elections or pursue certain legal claims, forcing disputes into arbitration and restricting where they can be brought.

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