SpaceX’s IPO created more than 4,400 new millionaires among the company’s current and former employees, from engineers to welders to cafeteria staff.
About this informs The Economic Times.
Employees have been accumulating SpaceX stock for years as the company transformed from a risky start-up into a multi-trillion dollar aerospace giant. An estimated 400 employees now own shares worth more than $100 million.
One example cited is Juan Hernandez, who immigrated from Mexico and joined SpaceX in 2015 as a contractor welder making about $28 an hour. Instead of just monetary compensation, he received shares in the company, and later bought them back through deductions from his salary. Now his share, according to reports, is worth about $900,000.
The listing of SpaceX is called one of the largest IPOs in the history of Wall Street. It boosted Elon Musk’s fortune while becoming one of the biggest employee welfare events in corporate history.
Read also: Space-scale IPO: Musk takes SpaceX public
We will remind:
Elon Musk pond the world’s first trillionaire after SpaceX raised a record $75 billion in its IPO.
Shares of SpaceX jumped up up more than 20% in its Nasdaq debut on Friday, pushing the company’s market capitalization to more than $2 trillion.
