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SpaceX insiders prepare to sell shares after staged release
The first 20% of SpaceX shares is set to become available on 6 August, following the June Nasdaq IPO that valued the company at more than $2 trillion.
BBC Business profiles Andre Lavoie, a SpaceX engineer who joined in 2009 and received 200,000 shares as part of early compensation tied to the company’s stock.
According to the article, Lavoie says he is ready to start cashing in, telling the BBC, “Every chance I get going forward, I'll sell a little bit more,” as his stake is now worth about $23m.
The report also highlights how SpaceX’s IPO on the Nasdaq in June created a large pool of new wealth, citing estimates that about 4,400 new millionaires were created by the listing and that employees were said to have benefited, including production-line workers.
Unlike many newly listed companies, SpaceX shares are planned to be released in stages, with the first 20% due on 6 August and additional tranches later in the year, as the company prepares to navigate the impact of its early public-company financials and ongoing spending.
BBC Business says SpaceX’s first results as a public company showed quarterly revenue nearly doubling to $7.8bn year over year, while spending rose to $18.3bn, and the company reported a net loss of $143m for the three months to June.
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