SpaceX Staff Team Up for Lower Fees, Tax-Saving Tools Before IPO

More than 1,000 current and former SpaceX employees have banded together to negotiate with wealth management firms for better pricing and access to sophisticated tax-saving financial products ahead of an initial public offering that is set to turn many of them into multi-millionaires.

The group has considered over 20 financial advisers and private banks, according to a May document summarizing the effort that was viewed by Bloomberg. The document said they were “leveraging collective power” in order to get “significantly lower fees” for financial advice – with a goal of paying less than 0.5% on all assets under management, rather ...