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#SpaceXMuskControl SpaceX Goes Public. Shareholders Don't Go With It. SpaceX's IPO hit $150B+ in investor demand, priced at $135/share at a $1.77 trillion valuation. The business case is hard to argue with. The governance structure is harder to ignore. Musk holds Class B supervoting shares giving him 82.4% voting control post-IPO. Class B holders elect 51% of the board for as long as any Class B stock exists. SpaceX filed as a "controlled company," so the protections that apply to most large public companies simply don't apply here. Then there's the comp package. Musk can earn up to 1.3 billion additional Class B shares, potentially worth $1T+, by hitting 15 market cap milestones up to $7.5T, and establishing a million-person Mars colony. That's not a pay plan in any traditional sense. It's a civilisational mission with a stock component. NYC and NY State comptrollers, plus CalPERS, already sent a public letter flagging the concerns. Their point: retail investors are funding a mission they have almost no say over. My take: the demand is real, the moat is real, but this is a genuinely new category of public company. Worth understanding what you're actually buying into. What does "shareholder" actually mean in a company structured like this? Share your thoughts in the comments 👇 $SPCX $BTC $NVDA