00:00It's Benzinga, bringing Wall Street to Main Street.
00:02More than 1,000 current and former SpaceX employees have joined forces to negotiate
00:07better pricing and access to tax-saving financial products ahead of an expected IPO,
00:13according to Bloomberg. Organized in a private Slack room and led by a former SpaceX engineer,
00:18the group initially represented more than 200 people with at least $2 billion in wealth.
00:23It has since grown and now holds an estimated $20 billion in assets.
00:28Members are seeking strategies like equity-based lending and direct indexing
00:31and aim to pay less than 0.5% in fees on assets under management compared to the traditional 1
00:38% rate.
00:39SpaceX is planning to go public as soon as this month,
00:42seeking to raise as much as $75 billion at a valuation of at least $1.8 trillion.
00:48For all things money, visit Benzinga.com.
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