(Zero Hedge)—SpaceX’s planned IPO next Friday will be a major wealth-creation event for current and former employees, including engineers, technicians, mariners, welders, and other salaried workers who have accumulated equity over the years.
Elite liberals who earned unproductive, ‘woke’ degrees and are drowning in $100,000 or more in student debt, working two jobs, won’t be able to stomach that the basic SpaceX welder working on Starship will become an overnight millionaire next Friday.
There will be thousands of new millionaires next Friday after the world’s largest IPO hits the Nasdaq. Some reports indicate that 4,000 new millionaires will be minted.
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Of course, employees generally face lock-up periods before selling pre-IPO shares.
The Wall Street Journal spoke with several former employees expected to become overnight millionaires:
- Maryellyn Musselman, a former SpaceX engineering officer on rocket-recovery vessels, put 10% of her paycheck into company equity and may use the proceeds to start a repair business in Virginia.
- Juan Hernandez, a former SpaceX welder who started as a contractor at $28 an hour, used earlier share sales to buy Texas properties and build a real estate business with his wife. His remaining stake is worth about $880,000 at the IPO price.
As for what some of these newly minted millionaires will do with their wealth, Shaun Maguire of Sequoia Capital told Molly O’Shea of the Sourcery podcast:
“There’s this meme that wives of tech billionaires go on to do NGOs and fund bad causes—SpaceX will be the literal opposite.”
“These people are going to do the most amazing things with their money.”
“Most people that joined SpaceX over 15 years ago—they did it for the mission. Because they love space, and want to build rockets. They want to work with their hands and want to keep America competitive in the space industry.”
“It’s self-selected. The people that were there early didn’t think it would ever become this big of a company. They didn’t do it to get rich. And they got rich very slowly, with very real skills and real experience of how much of the world is designed to take money and do bad things with it.”
“This group of people—we’re going to see more beautiful travertine sculptures in cities, just for public art.”
“I think we’re going to see a lot of physical whimsy out of the SpaceX crew.”
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The hope is that SpaceX’s new millionaire class will channel some of its wealth into pro-America civic projects, public art, tech startups, and actual nonprofits that help citizens, rather than into the current left-wing nonprofit sphere bankrolled by the Democratic Party’s left-wing billionaire class, which has a strange obsession with pushing revolutionary Marxism, undermining capitalism, and destroying the nation from within.
