NYC Pensions Slam SpaceX Risks as Musk Gets Near-Total Control

New York City Comptroller Mark Levine says the unprecedented control that Elon Musk will have over SpaceX represents a new level of disregard for regular shareholders’ rights.

“I understand that we are in an era of founders wanting more control,” Levine said in an interview. But what Musk is planning with SpaceX “is way beyond what we’ve seen.”

“There’s no precedent for this,” he said.

Mark Levine, New York City comptroller.

Photographer: Adam Gray/Bloomberg

SpaceX, which is due to go public this week, is drawing a frenzy of interest from investors desperate to participate in what is set to be the biggest initial public offering ever undertaken. But ...