$1.75 Trillion SpaceX IPO Hardwires Elon Musk As Single-Point Founder Risk
SpaceX’s IPO prospectus does something rare. It strips public investors of the right to remove the chief executive. The same filing warns that his departure could be existential. The contradiction is structural, not accidental. The S-1 asks markets to fund a single founder. It also asks them to accept a pay package whose triggers exist...
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