Key facts
- Scott Morton, a former SpaceX employee and founder of software company Revel, received pitches from wealth managers before SpaceX's IPO.
- These pitches included handwritten letters and branded merchandise.
- Morton worked at SpaceX for nearly a decade, starting as an intern and rising to software engineering manager on the Starship project.
- Many SpaceX employees were compensated partly in equity, which has become valuable following the company's IPO.
- SpaceX's valuation surged above $2 trillion in early trading after its IPO.
- Morton believes the IPO will provide financial freedom for employees and could foster a new wave of tech startups founded by SpaceX alumni.
Scott Morton, a former SpaceX employee and founder of the software company Revel, has described how wealth managers aggressively pursued him with gifts and personal outreach in the lead-up to SpaceX's historic initial public offering. Morton, who spent nearly a decade at the rocket company, noted that many employees were compensated partly in equity, which has now become a significant asset following the IPO.
SpaceX's valuation surged past $2 trillion in early trading on its IPO day. Morton, who started as an intern and rose to a software engineering manager on the Starship project, believes the IPO will be a "mafia-making" event, similar to PayPal's early success, enabling former employees to fund their own ventures and achieve financial freedom.
He still holds SpaceX stock, having previously sold some through secondary sales. Morton anticipates that the newfound wealth could also positively impact sectors like the high-end housing market in Los Angeles and provide a "halo effect" for hard tech startups founded by SpaceX alumni. Despite the financial windfalls, Morton indicated that many employees remain committed to SpaceX's mission, including its goal of establishing a moon base.