New York, California pension leaders oppose ‘extreme’ SpaceX control structure

Leaders of three of the biggest US public pension systems said they have major concerns over SpaceX’s “extreme” ownership and control set-up in its upcoming public stock listing, urging founder and CEO Elon Musk to remove provisions that would curb shareholder protections.

“We are writing to express our serious concerns with the reported novel and extreme governance structure and provisions SpaceX is planning to disclose ​in its registration statement,” New York State Comptroller Thomas DiNapoli, New York City Comptroller Mark Levine and California Public Employees’ Retirement System CEO Marcie Frost said in a letter sent Wednesday to Musk that was reviewed by Reuters.