> The deal, with SpaceX, is that Elon Musk runs it however he wants, and he does weird stuff, and you have to trust him, and if you don’t like it you can’t complain.

> When SpaceX acquired xAI a few months ago, did a special committee of independent directors approve the transaction? Did Musk recuse himself from negotiations? Was the price set by independent valuation experts using a rigorous process? Did outside shareholders sue to block the deal? Stop. Musk wanted SpaceX to buy xAI, so it did.

> [...] Surely SpaceX has created all that shareholder value more because Musk does what he wants than in spite of Musk doing what he wants; it is hard to accidentally create $1.75 trillion of value. SpaceX’s shareholders signed up for this deal — letting Musk cook — and have been rewarded;

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vondur 2 hours ago | parent | next [-]

Isn't that how Facebook is ran too? Basically Zuckerberg's private company, that in theory is public?

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zardo 27 minutes ago | parent | next [-]

Though (at least to my knowledge) Zuckerberg doesn't have a history of abusing his authority to make deals that advantage other companies he owns at the expense of Facebook.

E.g. SpaceX buying up large numbers of Cybertrucks Tesla couldn't sell at MSRP, not even negotiating a good fleet sale deal.

	▲	radicalbyte 18 minutes ago \| parent [-]
		Where did that $70B from the metaverse go to?

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grassfedgeek an hour ago | parent | prev | next [-]

Right, if Meta had good governance Zuck wouldn't have been allowed to invest so much in Metaverse.

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stefan_ an hour ago | parent | prev | next [-]

Facebook is still a Delaware company, with lots of established case law for what Zuckerberg can and can not do, voting majority or not. SpaceX is now some Texas corporation with a state legislature ready to enable whatever Musk wants.

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tonetheman an hour ago | parent | prev | next [-]

[dead]

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jdgoesmarching an hour ago | parent | prev [-]

Tech bros reinvent autocracy

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nicole_express an hour ago | parent | prev [-]

It seems like a fine offer to have exist, but one that a pension fund with low risk tolerance wouldn't want to take. So everything seems reasonable with the world.

Similarly I don't understand why indicies are rushing to change their rules to allow SpaceX in. People accept a certain risk tolerance and changing the rules to ramp up the risk seems questionable at best.