Elon Musk on thousands of SpaceX employees becoming millionaires: I have always had the philosophy that ...
Elon Musk, the CEO of SpaceX says that the company’s blockbuster valuation has likely minted thousands of employee millionaires. According to a report by Business Insider, speaking on The Sean Hannity Show, Musk explained that early employees who received stock grants now hold shared worth over $1 million following SpaceX’s June IPO, which debuted with a market capitalization of around $2 trillion.
“I’ve always had the philosophy that everyone at the company should receive stock in the company, so that they can participate in the upside,” Musk said. Musk stressed on the fact that board stock ownership helps align incentives between the company and its workforce. “As the company prospers, then the people at the company, the employees, also prosper,” he added.
Ahead of the IPO, analysts estimated the listing would create 4,400 new millionaires and more than 400 centimillionaires.Employee stock optionsFormer employees told Business Insider that SpaceX awarded stock options at hiring, during annual reviews, and upon promotions. Workers could also sell shares back to the company or investors in private liquidity events held twice a year, providing financial flexibility even before the IPO.SpaceX President Gwynne Shotwell and her husband donated roughly $300 million worth of company stock to Trump Accounts, a government initiative that provides $1,000 to every American child born between 2025 and 2028.
The move won praise from President Donald Trump on Truth Social.Market performance and future goalsSpaceX shares surged from their IPO price of $135 to over $200 before settling below $148. Musk also reiterated his long‑term ambitions: establishing a base on the moon within 10 years, enabling thousands of people to travel there, and ultimately building cities on both the moon and Mars.
He said SpaceX’s Starship system is designed to carry tens of thousands of tons to space, with the first human mission to Mars possible within five years.Elon Musk’s SpaceX surpasses Amazon to become world's 5th largest company by market valueElon Musk-led SpaceX recently became the 5th largest company, overtaking Amazon, after the shares of aerospace and AI giant skyrocketed more than 14% on Tuesday (June 16).
The surge even allowed SpaceX to briefly overtake Microsoft but is now settled at the bottom spot in the top 5 companies in the world. At the time of writing, SpaceX stock was trading at $220, which is huge 62% increase from its initial public offering (IPO) price of $135.At this price point, SpaceX has a market capitalisation of roughly $2.85 trillion.
Amazon currently sits at a valuation of $2.64 trillion. SpaceX also briefly leaped over Microsoft's $2.92 trillion valuation before settling just behind it.While SpaceX has risen to the number five spot, it still trails the absolute heaviest hitters on Wall Street. Nvidia, Google-parent Alphabet, Apple and Microsoft are ahead of the space company.Get the latest technology news and updates.
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