Pension Giants Challenge SpaceX’s Extreme Governance

Leaders from three of the largest U.S. public pension systems have voiced serious concerns over SpaceX’s proposed “extreme” ownership and control structure ahead of its anticipated public stock listing.

Pension Giants Challenge SpaceX’s Extreme Governance. Leaders from three of the largest U.S. public pension systems have voiced serious concerns over SpaceX’s proposed “extreme” ownership and control structure ahead of its anticipated public stock listing. New York State Comptroller Thomas DiNapoli, New York City Comptroller Mark Levine, and California Public Employees’ Retirement System CEO Marcie Frost sent a letter to founder and CEO Elon Musk, urging the removal of provisions that could curb shareholder protections. SpaceX is a private American aerospace manufacturer and space transport services company, also known for its Starlink satellite internet constellation. The company’s expected initial public offering (IPO) is projected to be the largest in history, aiming to raise $75 billion with a valuation of $1.75 trillion. Representing...