Key facts
- Protesters demonstrated outside JPMorgan's headquarters during SpaceX's IPO.
- The protest targeted Elon Musk's status as the world's first trillionaire.
- Organizers urged institutional investors, including pension funds, to avoid investing in SpaceX.
- Concerns were raised about SpaceX's lack of profit and Musk's control over the company.
- Counterprotesters appeared, mocking the demonstration with fake money and champagne.
A group of approximately 30 protesters gathered outside JPMorgan's headquarters to protest the initial public offering of SpaceX and Elon Musk's status as the world's first trillionaire. The demonstration, organized by the coalition Stop Funding Billionaires, aimed to dissuade institutional investors, such as pension funds and unions, from investing workers' retirement money into SpaceX.
During the protest, organizer Jonathan Westin informed the crowd that Musk had become a trillionaire, which was met with boos and chants of "SpaceX sucks." Westin criticized the celebration inside JPMorgan's headquarters while ordinary people struggle with rising costs. He argued that investing in companies like SpaceX, which he described as a "cash grab," puts workers' retirement funds at risk.
The group sent letters to over a dozen organizations, including New York City and New York state comptrollers, urging them not to invest in SpaceX. Natalie Renta of the Americans for Financial Reform Education Fund expressed concerns about SpaceX's profitability and Musk's extensive control over the company, highlighting the potential fiduciary duty risks for financial professionals even when following index funds.
The protest lasted about 30 minutes in hot weather. Three individuals, identifying themselves as counterprotesters Belle D'Ball, Angus Beefsteak the Third, and William Bentley Everrich, appeared with fake money and champagne, humorously advocating for the "plight of the wealthy." They announced their departure to join bankers for champagne.
Passersby reacted with varying degrees of interest, with one man humorously holding up a folder with a bank name as a sign, and another group of finance professionals suggesting the protesters were at the wrong location.