1,000 SpaceX Employees Seek Sub-0.5% Wealth Fees Ahead of IPO
Updated
Updated · Bloomberg · Jun 2
1,000 SpaceX Employees Seek Sub-0.5% Wealth Fees Ahead of IPO
3 articles · Updated · Bloomberg · Jun 2
More than 1,000 current and former SpaceX employees have organized to negotiate jointly with wealth managers and private banks before an IPO expected to create many multimillionaires.
A May document reviewed by Bloomberg says the group is using its collective scale to push advisory fees below 0.5% of assets under management, versus the traditional 1% charge.
The effort also aims to secure access to sophisticated tax-saving products, reflecting employees' preparation for a potential windfall once SpaceX goes public.
More than 20 financial advisers and private banks have been considered, showing how workers are trying to shape post-IPO wealth planning before shares become liquid.