Sequoia Partner Shaun Maguire: SpaceX's New Millionaires Will Fund Pro-America Projects SpaceX's planned IPO next Friday will be a major wealth-creation event for current and former employees, including engineers, technicians, mariners, welders, and other salaried workers who have accumulated equity over the years. Elite liberals who earned unproductive, 'woke' degrees and are drowning in $100,000...
Sequoia Partner Shaun Maguire: SpaceX's New Millionaires Will Fund Pro-America Projects SpaceX's planned IPO next Friday will be a major wealth-creation event for current and former employees, including engineers, technicians, mariners, welders, and other salaried workers who have accumulated equity over the years. Elite liberals who earned unproductive, 'woke' degrees and are drowning in $100,000 or more in student debt, working two jobs, won't be able to stomach that the basic SpaceX welder working on Starship will become an overnight millionaire next Friday. There will be thousands of new millionaires next Friday after the world's largest IPO hits the Nasdaq. Some reports indicate that 4,000 new millionaires will be minted. Read: Deep Dive Inside The Mechanics Of The SpaceX Offering: How To Trade The World's Biggest IPO Of course, employees generally face lock-up periods before selling pre-IPO shares. The Wall Street Journal spoke with several former employees expected to become overnight millionaires: Maryellyn Musselman, a former SpaceX engineering officer on rocket-recovery vessels, put 10% of her paycheck into company equity and may use the proceeds to start a repair business in Virginia. Juan Hernandez, a former SpaceX welder who started as a contractor at $28 an hour, used earlier share sales to buy Texas properties and build a real estate business with his wife. His remaining stake is worth about $880,000 at the IPO price. As for what some of these newly minted millionaires will do with their wealth, Shaun Maguire of Sequoia Capital told Molly O'Shea of the Sourcery podcast: "There's this meme that wives of tech billionaires go on to do NGOs and fund bad causes—SpaceX will be the literal opposite." "These people are going to do the most amazing things with their money." "Most people that joined SpaceX over 15 years ago—they did it for the mission. Because they love space, and want to build rockets. They want to work with their hands and want to keep Americ...
Thailand’s former prime minister Thaksin Shinawatra is officially a free man, less than a week after receiving a royal pardon, according to the Department of Corrections. Thaksin, 76, served eight months of a one-year sentence for corruption and abuse of power before being released on parole last month due to his age and health. The Department of Corrections said the former premier was required to...
Thailand’s former prime minister Thaksin Shinawatra is officially a free man, less than a week after receiving a royal pardon, according to the Department of Corrections. Thaksin, 76, served eight months of a one-year sentence for corruption and abuse of power before being released on parole last month due to his age and health. The Department of Corrections said the former premier was required to wear an electronic monitoring device as a condition of his release. The telecoms billionaire was...
(RTTNews) - The Hong Kong stock market has moved lower in five straight sessions, slumping almost 1,400 points or 5.9 percent along the way. The Hang Seng Index now sits just above the 24,560-point plateau and it's likely to see continued consolidation on Wednesday.
(RTTNews) - The Hong Kong stock market has moved lower in five straight sessions, slumping almost 1,400 points or 5.9 percent along the way. The Hang Seng Index now sits just above the 24,560-point plateau and it's likely to see continued consolidation on Wednesday.
(RTTNews) - Australian shares are trading modestly higher on Wednesday after opening in the red, snapping a three-session losing streak, with the benchmark S&P/ASX 200 falling well below the 8,750 level, following the mixed cues from Wall Street overnight, with a mixed performanc
(RTTNews) - Australian shares are trading modestly higher on Wednesday after opening in the red, snapping a three-session losing streak, with the benchmark S&P/ASX 200 falling well below the 8,750 level, following the mixed cues from Wall Street overnight, with a mixed performanc
South Korea’s equity benchmark slipped Wednesday, with chip stocks resuming losses and risk appetite weakening following a US strike on Iran. The equity benchmark Kospi dropped as much as 3.6% in morning trading, a day after its 8.2% gain. The index started the week with a 8.3% plunge on Monday that triggered a 20-minute trading suspension in the spot market. Such sharp swings have become increasi...
South Korea’s equity benchmark slipped Wednesday, with chip stocks resuming losses and risk appetite weakening following a US strike on Iran. The equity benchmark Kospi dropped as much as 3.6% in morning trading, a day after its 8.2% gain. The index started the week with a 8.3% plunge on Monday that triggered a 20-minute trading suspension in the spot market. Such sharp swings have become increasingly common as Samsung Electronics Co. and SK Hynix Inc. , which together account for more than half of the index, face turbulence affecting artificial intelligence-tied stocks. Volatility also increased as leveraged exchange-traded funds tied to the two chipmakers, which magnify daily moves, gained popularity. The Kospi 200 volatility gauge surged past 90 for the first time Tuesday, setting a record. Wide intraday swings may persist, said Arjun Jayaraman , a portfolio manager at Causeway Capital Management. “There’s been a lot of very speculative, leveraged money coming into the Korean market.” Volatility in Korea will stay higher than historical levels, driven by new leveraged ETFs and increased retail participation through margin loans, he said. “Really, leverage is the bottom line here.” Investors are also monitoring Wednesday’s US inflation report, which may provide clearer signals on whether rates will stay elevated for longer.