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Comment by nemothekid | Hacker News Reader

They are already a public company.

93% owned by the founder.

I had to fact check this. Turns out it is true. I was not aware on US stock exchange you can have a public company with less than 10% public float.

This also makes the founder net worth of around $33B.

If you think that is bad, look into the spacex ipo. That tiny public offering is for stock that can barely vote and cannot bring shareholder actions, making them more NFTs than proper "shares" imho.

It's not bad. Great returns, company is extremely well run.

I know about voting shares and shareholder actions in US stock because they are somewhat frequently sited in all press and media. I just didn't know about sub 10% float.

I know there are plenty of ways to go around it via trust funds or other entities to hide it so the ownership could be extremely concenrtated. But having it actually allowed is something I didn't know.

You can take a public company private and then run it to the ground. See also: Twitter.

How does that work now they are a subsidiary of SpaceX?

Does that make the rotting corpse of Twitter public again?

Yes. Although the amount of SpaceX stock that's available for public is fairly little.

And those classes available for the public has less voting rights than Elons stock so even worse.

So man makes company, man shares profitability of company with world to invest in. World complains they can't outvote man.

Some of the details you are missing here matter quite a lot.

Im not an investor so I don’t care. But anyone buying into SpaceX should probably care that you are investing in a company you have zero influence in.

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