From Meta to SpaceX: how dual-class shares keep founders in control

The dual-class share structure outlined in SpaceX’s IPO filing, which grants CEO Elon Musk outsized control, has revived one of Wall Street’s oldest debates – that of corporate governance.

While such structures are hardly unusual in corporate ​America, particularly among founder-led companies, few issues are so fiercely criticized by governance watchdogs.

Supporters argue visionary founders should be insulated from short-term market pressures, while critics warn that concentrating power in the hands of insiders weakens accountability.