Less Control

Less Control

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  • Elon Musk's ownership position in SpaceX has decreased in recent years but the CEO has maintained control of the business. According to paperwork submitted last week to the Federal Communications Commission, which oversees its Starlink satellite-broadband division, a trust connected to Musk owns 42% of SpaceX. As of November 2016, the trust owned 54% of the business. In addition, a recent FCC filing revealed that Musk's trust had 78% of the voting power at SpaceX, a share that has been constant since November 2016.
  • Musk started SpaceX in 2002 using money he made from the sale of what is now PayPal Holdings. Since then, SpaceX has expanded, constructing a fleet of rockets that both public and private clients can use for launches as well as Starlink, a satellite internet constellation operated by SpaceX, providing satellite Internet access coverage to 45 countries, which has just topped 1 million active subscribers.

Why it matters

More people are paying attention to Musk's financial status following his $44B purchase of Twitter. The social network company, which has been losing money, has been turned around, according to Musk, who claims to have reduced its costs.


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