More Than 1,000 SpaceX Employees Seek Wealth-Management Fees Below 0.5% Ahead of IPO
More than 1,000 current and former SpaceX employees are banding together to negotiate lower wealth-management fees ahead of an IPO, seeking to pay less than 0.5% of assets under management rather than the traditional 1%. Assets tied to the group may be worth as much as $20 billion.
The group has considered more than 20 advisers and private banks and is also seeking access to tax and liquidity tools including equity-based lending, direct indexing, collars, box spreads and variable prepaid forward contracts.
From the sources (5 posts)
@wallstengineMore than 1,000 current and former SpaceX employees are banding together to negotiate better wealth-management terms ahead of the IPO, per Bloomberg. The group is targeting fees below 0.5% of assets, versus the traditional 1%, and has cons
@exec_sumBREAKING: Over 1,000 SpaceX employees are unionizing to negotiate better terms with wealth management firms The group has considered over 20 financial advisors and private banks and are "leveraging collective power to get significantly low
@zerohedge*SPACEX WORKERS ORGANIZE TO PUSH FOR LOWER WEALTH FEES AFTER IPO: BBG
@firstsquawkSPACEX EMPLOYEES ARE TEAMING UP TO ADVOCATE FOR LOWER WEALTH FEES FOLLOWING THE COMPANY'S IPO.
@negligible_cap*SPACEX WORKERS ORGANIZE TO PUSH FOR LOWER WEALTH FEES AFTER IPO Over 1000 current and former $SPCX workers are teaming up in an effort to get better fees from wealth management firms ahead of the IPO, with the goal of paying less than 0.5