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munk-atoday at 5:05 PM2 repliesview on HN

If only the shareholders had any kind of voice - if only it was illegal to issue a fake IPO where you sell an overwhelming number of shares stripped of their voting power - if only the market responded rationally to this boondoggle.

If we're going to right the ship in turn of common sense a bunch of people need to lose a bunch of money, I just hope it doesn't mostly hit passive investors and instead lands mostly on Elon-stans.


Replies

over_bridgetoday at 5:22 PM

How is it legal to have different share classes? You could make 100 shares that can vote and then sell 99.9% of the company while maintaining full control. Seems strongly against the spirit of a publicly traded company

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verzalitoday at 5:08 PM

I suppose they kind of do, they could sell the stock and drive the price down. That wouldn't force Musk to change direction, but it would hurt his wealth.

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