Elon Musk is more than likely going to become the world’s first trillionaire when SpaceX goes public, but he’s not the only one for whom the IPO will be like winning a giant Publishers Clearing House check every hour of every day until the end of time. SpaceX employees are also going to see their bank accounts transformed, and in anticipation, they’ve formed a kind of union for the very rich.
Bloomberg reports that more than 1,000 current and former employees of the rocket/satellite/AI company have joined forces to get a deal on wealth management, asking nearly two dozen firms for “significantly lower fees” on financial advice. According to a document viewed by the outlet, the group’s goal is to pay less than 0.5 percent on assets under management, or half of the typical 1 percent charged, saying that they are “leveraging collective power” for a “group based discount.” The effort was reportedly spearheaded by a former engineer and organized in a Slack channel; earlier this year, there were said to be approximately 200 people in the group, its collective wealth at least $2 billion. Their ranks have now grown to approximately five times that, with their wealth ballooning to up to $20 billion, according to people familiar with the matter.
