纽约时报：SpaceX如何采用“非常规设计”巩固马斯克控制权？

凤凰网科技05-27

凤凰网科技讯 5月27日，《纽约时报》周二发文称，SpaceX采用了一些非同寻常的设计来巩固CEO埃隆·马斯克(Elon Musk)的控制权，该公司在董事会设置和薪酬方面的安排，似乎以牺牲其他股东的利益为代价，使马斯克个人受益。马斯克可用未到手股票投票今年1月，SpaceX授予了马斯克一项薪酬方案，该方案最终将包含13亿股限制性股票。该奖励的前提是这家火箭公司要在火星上建立一个拥有100万人口的...

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Musk)的控制权，该公司在董事会设置和薪酬方面的安排，似乎以牺牲其他股东的利益为代价，使马斯克个人受益。马斯克可用未到手股票投票今年1月，SpaceX授予了马斯克一项薪酬方案，该方案最终将包含13亿股限制性股票。该奖励的前提是这家火箭公司要在火星上建立一个拥有100万人口的...</p>\n\n<a href=\"https://tech.ifeng.com/c/8tSmtZefLvJ\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1066053197.SGD","symbol_name":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM3\" (SGDHDG) 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control?","themeId":null,"isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/22062136f796349ab349d97c79ff5e55","symbols_score_info":{"CRSH":0.6,"09366":0.6,"TSLG":0.6,"TSLA":1.75,"TSLI":0.6,"TSLL":0.6,"TSLZ":0.6,"TSLW":0.6,"TSLQ":0.6,"TSDD":0.6,"TSII":0.6,"DXYZ":1.51,"NYT":1.6,"TSLO":0.6,"TSL":0.6,"TSLS":0.6,"TSYY":0.6,"TSLT":0.6,"09766":0.6,"TEST":0.6,"07366":0.6,"TESL":0.6,"TLA":0.6,"TSLP":0.6,"UFO":0.6,"07766":0.6,"TSLR":0.6,"TSLY":0.6},"content_text":"凤凰网科技讯 5月27日，《纽约时报》周二发文称，SpaceX采用了一些非同寻常的设计来巩固CEO埃隆·马斯克(Elon Musk)的控制权，该公司在董事会设置和薪酬方面的安排，似乎以牺牲其他股东的利益为代价，使马斯克个人受益。马斯克可用未到手股票投票今年1月，SpaceX授予了马斯克一项薪酬方案，该方案最终将包含13亿股限制性股票。该奖励的前提是这家火箭公司要在火星上建立一个拥有100万人口的殖民地，并将高性能数据中心发射到太空。马斯克尚未实现这些目标，但根据SpaceX发布的招股说明书，他仍然可以在股东投票中行使这13亿股股票的投票权。换句话说，SpaceX允许马斯克用他尚未获得的股票来行使投票权。“我从未听说过这种事，”科罗拉多大学博尔德分校法学教授安·利普顿(Ann Lipton)表示，“他基本上找到了一种可以破解公司治理常规规则的方法。”这些限制性股票并不是SpaceX披露的唯一一种非常规公司治理安排。随着该公司准备进行可能史上规模最大的首次公开招股(IPO)，它还披露了一系列其他非典型结构。这家公司同时运营火箭制造业务以及星链卫星互联网服务，目前估值已超过1.25万亿美元。其IPO最早可能在下个月进行，预计将为华尔街、硅谷以及马斯克本人带来巨额收益。董事会“异常”在其他非常规安排中，SpaceX并不计划让独立董事构成董事会的大多数成员，同时也不会像大多数公司那样设立由独立董事组成的薪酬委员会来决定高管薪酬。此外，其治理文件还规定，所有依据联邦证券法提出的股东索赔必须通过仲裁解决。所有这些举措似乎都只让一个人受益：马斯克。公司治理专家表示，这些措施让马斯克在SpaceX拥有更强的控制权，他目前掌握约85%的股东投票权。他们指出，这些安排允许马斯克将更多内部人士安排进SpaceX董事会，挑选决定其薪酬的人选，并在很大程度上使自己免于股东诉讼。星舰波士顿学院研究公司治理的法学教授布莱恩·奎因(Brian Quinn)表示，这些措施构成了一道“防御护城河”，将“永久巩固”马斯克的CEO地位。他称今年1月的那份薪酬方案“疯狂至极”。SpaceX的做法甚至超出了马斯克旗下电动汽车公司特斯拉的治理结构安排。去年9月，特斯拉曾向马斯克授予一项股票薪酬方案，该方案与公司市值增长及运营里程碑挂钩，例如商业化部署100万辆自动驾驶出租车。但根据特斯拉的文件，马斯克在实现这些运营目标之前，不能使用这些股票进行投票。奎因表示，SpaceX的治理措施对那些希望参与其IPO的投资者来说是一个警示信号。“这对股东来说是糟糕的。”他说。超级投票权在特斯拉，马斯克的持股比例不到30%，他曾抱怨自己缺乏控制权，并可能面临其他股东的挑战。但SpaceX设有不同类别的股票，他的权力源于所谓的“超级投票权”股份。SpaceX的外部投资者可以购买A类股，每股享有1票投票权。根据该公司招股说明书，马斯克持有超过55亿股B类股，之所以称为“超级投票权”，是因为每股享有10票投票权。总体而言，他持有SpaceX约94%的B类股，并控制着85%的总投票权。马斯克的超级投票权股份十分突出。Meta和谷歌也为高管设立了超级投票权股份。即便如此，Meta CEO马克·扎克伯格(Mark Zuckerberg)在其公司控制的投票权也不过为61%。马斯克控制85%投票权这些股份赋予了马斯克独自决定公司诸多事务的权力。根据SpaceX的招股说明书，“马斯克将有能力控制需要股东批准的事项的结果，包括所有董事的选举，并控制我们的业务和事务”。SpaceX的八名董事会成员包括马斯克的朋友、风险投资人卢克·诺塞克(Luke Nosek)以及曾担任特斯拉董事的私募股权投资人安东尼奥·格拉西亚斯(Antonio Gracias)。马斯克的超级投票权股份中有相当一部分来自他今年1月获得的薪酬方案。波士顿学院的奎因表示，经马斯克控制的董事会批准后，他可以用这些股份进行质押贷款。奎因还指出，由于马斯克在技术上尚未实际获得这些股票，因此他无需为这笔股权授予缴税。仲裁争议SpaceX的部分治理措施已引发审视。本月，纽约和加州负责州与市养老金基金的管理者批评该公司的一项条款：要求所有股东争议必须通过强制仲裁解决。“强制性仲裁取消了集体诉讼机制，而这一机制对于纠正大范围的侵害行为至关重要。”管理这些养老基金的官员在致SpaceX的一封信中写道。他们补充说，此前没有任何一家美国大型发行人在其IPO中设置过此类条款。科罗拉多大学的利普顿教授表示，SpaceX的公司治理结构“让我感到非常不安”。截至发稿，马斯克、SpaceX以及特斯拉尚未就此置评。(作者/箫雨)更多一手新闻，欢迎下载凤凰新闻客户端订阅凤凰网科技。想看深度报道，请微信搜索“凤凰网科技”。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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