Musk's 85.1% voting control via dual-class shares means public shareholders cannot force a restructuring, spin-off of xAI, or change of capital allocation strategy even if losses persist — the governance structure eliminates the standard market discipline mechanism.

Evidence (1)

SpaceX IPO 2026: Valuation, Risks & Musk Math

Musk holds 85% voting power via Class B shares (10:1 ratio); public shareholders cannot outvote or remove management regardless of financial performance.

https://www.indmoney.com/blog/us-stocks/spacex-ipo-2026-valuation-elon-musk-net-worth-xai-risks

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