The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

By Jeffrey Goldfarb

NEW YORK, May 19 (Reuters Breakingviews) - Raising $75 bln would make Elon Musk’s rockets-to-AI venture the world’s biggest IPO, but public in name only. Ordinary shareholders won’t be able to fire the billionaire and legal action is harder. Genuflecting investors are ceding any remaining protection for the risky ride.

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CONTEXT NEWS

SpaceX is aiming to list its shares as early as June 12 and picked the Nasdaq exchange as its trading venue, Reuters reported on May 15, citing unnamed sources. Billionaire Elon Musk’s rockets-to-artificial-intelligence company has targeted raising $75 billion at a $1.75 trillion valuation.