SpaceX is telling investors that no one can fire Elon Musk from his role as chief executive and chairman of the board without the billionaire founder’s consent, according to an excerpt of its IPO filing reviewed by Reuters. The filing states that Musk “can only be removed from our board or these positions by the vote of Class B holders” — super-voting shares with ten votes apiece that he will control after the IPO, making his removal effectively a self-vote, Reuters’ Echo Wang and Isla Binnie note. If he “retains a significant portion of his holdings of Class B common stock for an extended period of time, he could continue to control the election and removal of a majority of our board.”
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