Report: SpaceX IPO gives Musk unchecked power and forbids investor lawsuits
Report: SpaceX IPO gives Musk unchecked power and forbids investor lawsuits
报道：SpaceX IPO 将赋予马斯克不受限制的权力，并禁止投资者提起诉讼
SpaceX’s plan to go public will reportedly give CEO Elon Musk “virtually unchecked executive authority” and limit the rights of shareholders to sue the company. The plan, reported by Reuters today, could prevent shareholder lawsuits like the one that held up a lucrative Musk pay package at Tesla.
据报道，SpaceX 的上市计划将赋予首席执行官埃隆·马斯克（Elon Musk）“几乎不受限制的行政权力”，并限制股东起诉公司的权利。路透社今日报道称，该计划可能会阻止类似特斯拉（Tesla）此前发生的股东诉讼，那场诉讼曾一度搁置了马斯克的高额薪酬方案。
“Excerpts of SpaceX’s IPO registration statement reviewed by Reuters show the company is combining supervoting shares, mandatory arbitration, stricter rules on shareholder proposals and Texas corporate law to give Musk and other insiders broad control,” Reuters wrote. “At the same time, it sharply limits investors’ ability to challenge management, sue in court and force votes on governance issues.”
路透社写道：“路透社审阅的 SpaceX IPO 注册声明摘录显示，该公司正结合超级投票权股、强制仲裁、更严格的股东提案规则以及德克萨斯州公司法，赋予马斯克和其他内部人士广泛的控制权。与此同时，它极大地限制了投资者挑战管理层、在法庭起诉以及强制就治理问题进行投票的能力。”
Reuters said the policies “will erode typical shareholder protections in unprecedented ways,” and “the only person who can fire Musk is Musk, who will retain majority control through supervoting shares.”
路透社表示，这些政策“将以史无前例的方式削弱典型的股东保护”，并且“唯一能解雇马斯克的人就是马斯克本人，他将通过超级投票权股保留多数控制权。”
SpaceX reportedly plans to enforce a mandatory arbitration clause, taking advantage of a September 2025 policy statement issued by the Securities and Exchange Commission. The SEC’s new position is that mandatory arbitration provisions are not inconsistent with federal securities laws.
据报道，SpaceX 计划执行一项强制仲裁条款，利用美国证券交易委员会（SEC）于 2025 年 9 月发布的政策声明。SEC 的新立场是，强制仲裁条款并不违反联邦证券法。
The SpaceX IPO will prevent shareholder lawsuits by “mak[ing] it clear that anyone who owns shares ‘irrevocably and unconditionally’ waives all rights to pursue a jury trial,” Reuters wrote. “Shareholders will also be prohibited from bringing class actions against the company, its directors, officers, controlling shareholders or bankers tied to the IPO, according to the filing.”
路透社写道，SpaceX 的 IPO 将通过“明确规定任何持有股份的人都‘不可撤销且无条件地’放弃所有寻求陪审团审判的权利”来防止股东诉讼。根据备案文件，“股东还将被禁止对公司、其董事、高管、控股股东或与 IPO 相关的银行家提起集体诉讼。”
Musk will reportedly have the power to “elect, remove or fill any vacancy” on the board of directors, and “the power to control other issues requiring shareholder approval, including M&A transactions, potentially making it easier to merge with Tesla later if he wants,” Reuters wrote. He currently owns 42.5 percent of SpaceX’s equity, has 83.8 percent of the voting control, and will maintain over 50 percent of the voting power after it goes public, the article said.
路透社写道，据报道，马斯克将有权“选举、罢免或填补董事会的任何空缺”，并“有权控制其他需要股东批准的事项，包括并购交易，这可能会使他在未来想要与特斯拉合并时变得更容易。”文章称，他目前拥有 SpaceX 42.5% 的股权，拥有 83.8% 的投票控制权，并且在公司上市后仍将保持超过 50% 的投票权。
Musk’s majority control via supervoting shares will make SpaceX a “controlled company” under securities rules, meaning it won’t have to follow the typical requirement to have independent directors form a majority of the nominating and compensation committees, Reuters wrote. Musk is slated to be both the CEO and board chairman.
路透社写道，马斯克通过超级投票权股获得的多数控制权将使 SpaceX 在证券规则下成为一家“受控公司”，这意味着它不必遵循通常要求独立董事在提名和薪酬委员会中占多数的规定。马斯克预计将同时担任首席执行官和董事会主席。
The benefits of Texas: SpaceX’s IPO filing is confidential, allowing the firm to move forward without yet revealing detailed financial information. We contacted SpaceX about the Reuters report today and will update this article if it provides a response.
德克萨斯州的优势：SpaceX 的 IPO 备案是保密的，这使得该公司能够在尚未披露详细财务信息的情况下推进上市进程。我们今日就路透社的报道联系了 SpaceX，如果收到回复，我们将更新本文。
Bruce Herbert, CEO of Newground Social Investment, told Reuters that the plan “closes the voting door, the courthouse door and the proposal door simultaneously. It’s unprecedented in terms of creating a total lack of accountability.”
Newground Social Investment 的首席执行官布鲁斯·赫伯特（Bruce Herbert）告诉路透社，该计划“同时关闭了投票之门、法院之门和提案之门。在造成完全缺乏问责制方面，这是史无前例的。”
Newground previously tried to prevent Tesla from using a Texas law that bars investors from filing shareholder resolutions unless they own at least $1 million of stock. In a January 2024 ruling against Tesla, a Delaware judge overseeing a shareholder lawsuit voided Musk’s $55.8 billion pay package, finding that most of Tesla’s board members were beholden to Musk or had compromising conflicts. The ruling prompted Tesla to move its corporate headquarters to Texas.
Newground 此前曾试图阻止特斯拉利用一项德克萨斯州法律，该法律禁止投资者在持股金额低于 100 万美元的情况下提交股东决议。在 2024 年 1 月针对特斯拉的一项裁决中，负责监督股东诉讼的特拉华州法官撤销了马斯克 558 亿美元的薪酬方案，认定特斯拉的大多数董事会成员都受制于马斯克或存在损害公正的利益冲突。该裁决促使特斯拉将其公司总部迁至德克萨斯州。
Tesla subsequently awarded Musk a compensation plan that could pay him more than $1 trillion over a decade, and the Delaware Supreme Court reinstated Musk’s original pay package. SpaceX also relocated to Texas. The space firm’s IPO filing takes advantage of “largely untested new governance laws” to limit shareholder rights, Reuters wrote.
随后，特斯拉授予马斯克一项薪酬计划，十年内支付金额可能超过 1 万亿美元，而特拉华州最高法院也恢复了马斯克最初的薪酬方案。SpaceX 也搬迁到了德克萨斯州。路透社写道，这家太空公司的 IPO 备案利用了“很大程度上未经检验的新治理法律”来限制股东权利。
“The Texas incorporation gives the company extra protection from activist investors and hostile takeovers. The state’s securities laws also make it harder for challengers to make an unsolicited tender offer, run a proxy contest or remove officers, directors and management,” the article said.
文章称：“在德克萨斯州注册为公司，为该公司提供了额外的保护，使其免受激进投资者和恶意收购的影响。该州的证券法也使得挑战者更难提出主动收购要约、进行代理权争夺或罢免高管、董事和管理层。”
Although the SpaceX IPO appears to be unusually restrictive, investors are likely to buy in. It is expected to be the largest IPO in history, with SpaceX reportedly aiming to raise as much as $75 billion at a valuation of more than $2 trillion.
尽管 SpaceX 的 IPO 看起来限制性异常严格，但投资者很可能会买账。预计这将是历史上规模最大的 IPO，据报道，SpaceX 的目标是在超过 2 万亿美元的估值下筹集高达 750 亿美元的资金。