Elon just created 4,400 millionaires in a single day.
400 of them are now worth over $100 million.
These aren't VCs. They're SpaceX employees, and the list includes welders, technicians, and cafeteria staff, because for two decades the company paid every level of the workforce in stock instead of higher salaries.
Juan Hernandez immigrated from Mexico and took a $28 an hour contractor welding job in 2015. He says he didn't even know what SpaceX was. The company gave him a $10,000 equity grant and let him buy more shares through payroll deductions. That stake is now worth $880,000.
Trevor Hise's parents wanted him to take a stable job at General Electric. He picked SpaceX instead, stayed 12 years, and accumulated over 100,000 shares. At the $135 listing price that's $13.5 million. He's 37 and semiretired. His words: "The magnitude of this has been ridiculous."
The most telling detail came before the listing. Over 100 employees quietly banded together and negotiated a group wealth management deal covering up to $5 billion, because none of them had ever needed a wealth manager before.
Software IPOs have minted millionaires for 30 years. This is the first one where the money went to the factory floor.
MARKET UPDATE ๐ The S&P 500 has lost around $1.5 trillion in market cap over the past week, with all eyes on the SpaceX IPO coming this Friday ๐
This is set to be the biggest IPO in history
What the heck is going on?! Let's talk about it ๐ฃ๏ธ
THE S&P 500 IS STARTING TO LOOK FAKE ๐ฉธ
Most stocks are red today, yet the S&P 500 is barely down because NVIDIA alone added $190 BILLION in value.
This is very dangerous divergence.
34 years ago, from today...
I was working 6 days a week. My net pay, per week, was less than $300.00. I was single, recently divorced and no children.
I was sick of the rat race, being broke, tired of being tired of it all.
Then Trading walked back into the chat...