You are correct, and I was wrong. I originally thought SpaceX was a bit of a special case because the board (pretty much Musk loyalists) gave Musk a ton of restricted stock right before the IPO, but the voting rights vested immediately. But the part I was wrong about is thinking that was just an IPO thing. All the many billions that SpaceX got pre-IPO was done with investors being fine having Musk alone having majority voting control.