SpaceX’s supervoting shares put a decades-old governance debate back in play

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• Much of the crusade against dual-class shares is built on a foundation of ideological impulses and misguided theoretical dogma that fails to account for the outsized impact of exceptional individuals and genuine financial results.

  60% confidence

• The principle of 'one share, one vote' is treated as a holy grail, a moral imperative that must be forced on every company regardless of context, industry, or leadership caliber.

  60% confidence

• As a wedge develops between a controller's voting control and economic exposure (e.g., ownership falling from 51% to 25% while retaining super-voting control), the controller becomes misaligned with regular shareholders and is inevitably incentivized to squander corporate resources.

  60% confidence

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