How Founder Control Is Reshaping Public Markets

SpaceX’s record-setting IPO gave public investors access to the company but not equal voting rights, with CEO Elon Musk holding just over 40% of equity while controlling more than 80% of the vote, according to Bloomberg. IPO adviser Lise Buyer said dual-class shares can shield founders from short-term market pressure, while Harvard Law School’s Lucian Bebchuk warned SpaceX’s structure raises risks around accountability, succession, conflicts of interest and shareholder value. Some investors, including Danish pension fund AkademikerPension, have rejected the stock over what they called “catastrophic governance,” making SpaceX a test case for founder control in public markets.