Employees at SpaceXs facility in Hawthorne, California, share their thoughts on the companys initial public offering. (Splash News for Fox News Digital)
SpaceX'srecord-setting IPOis creating a financial windfall for thousands of the company's current. former employees who received stock as part of their compensation.
Workers who hold stock in non-public companies are subject to restrictions. can keep them from selling those shares under most circumstances before an IPO occurs. Once the stock goes public. it starts a timeline under which they can begin to sell some of those shares as so-called "lock-up periods" gradually allow employees to sell shares in tranches that expand over time.
The ranks ofSpaceX workerswho will see an influx of wealth as a result of the IPO include not only those who design the rockets. satellites that have made the company famous, but also baristas, janitors and other workers who helped keep the company running.
FOX Business spoke with workers outside of SpaceX's facility in Hawthorne. California, about their plans for the monumental IPO turning into a reality.
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SpaceX workers. former employees who received stock options have an opportunity to cash in a windfall following the company's IPO.(Reuters/Veronica G. Cardenas/File Photo)
One SpaceX employee, who said that he's a process planner, said that he wants to "try to stay healthy". that the IPO is "a beautiful thing… I mean,Elon is the best. Go Elon!"
Another SpaceX employee said that, "I've been a millionaire for a while, but it's always nice to have money. It'll be great when the lock-up period is out, of course,. we can actually sell some of it and that'll feel a little more into the wealth, but it's a great day."
Juan Hernandez. who previously worked as a welder at SpaceX, toldCBS Newsthat when he was first hired by the company in 2015 he was offered $10,000 in stock. He explained that it "wasn't a big deal" to him at the time and. "I didn't know it was gonna be this big, at this point."
Hernandez. who now works at Blue Origin after a 10-year stint at SpaceX, told CBS that he has around 6,500 SpaceX shares that would represent a nearly $880,000 windfall based on the IPO listing price of $135 a share. He added that giving employees stock options encourages them to "perform a lot better because. I mean… it's their company as well."
He went on to tell the outlet that he wants to maintain a strong work ethic after the IPO andplans to keep working,. expressed gratitude to Musk for "making all these lives much better and meaningful for their families as well."
SpaceX founder and CEO Elon Musk became the world's first trillionaire following the IPO.(Suzanne Cordeiro/AFP via Getty Images)
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The Wall Street Journalreported that J. André Lavoie. a 63-year-old former SpaceX engineer who moved to Italy five years ago, has shares valued at over $28 million based on the IPO price. Lavoie plans to use the funds to renovate a hotel he purchased. is considering helping others in the community transition from heating their homes with burning wood to cleaner heating sources.
"I don't want to just die with a pile of money in the bank," Lavoie told the Journal. He added that the rise in the value of the shares has caused him to reconsider his plans. "Every year the shares have been going up so radically it keeps messing up my life plans."
The Journal also spoke with 27-year-old Maryellen Musselman, who joined SpaceX in 2022. worked on a ship used in retrieving rocket parts from the company's launches that splashed down off thecoast of Florida.
Musselman used 10% of her pay to purchase additional shares during the two years she worked at SpaceX. said that while she's unsure of how quickly she'll look to sell, saying it'll likely be "an 11th-hour decision."
SpaceX's IPO was the largest in history, with a raise of about $75 billion.(Joe Skipper/Reuters)
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She wants to use the money to help her start a ship repair business in Chesapeake. Virginia, saying that, "Mariners are not usually stock owners in their companies, they're not always under benefits."
Tom Mueller, who was hired as SpaceX's first employee in 2002. led projects including the Merlin Engine that powers the Falcon 9 rocket, the Raptor Engine that powers Starship and other key propulsion systems, told FOX Business' "The Claman Countdown" on Thursday that the IPO would be life-changing for employees.
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"Elon always said that 'Your salary is one thing,. it's the equity that's gonna be worth something.' And we are all like, 'Yeah, okay someday,'" Mueller said. "That day is here. It's great."
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