Cashing in on SpaceX: 'Every chance I get, I'll sell a little more'
Andre Lavoie joined SpaceX in 2009 as an engineer, now he's looking to cash in his shares in the company.
Andre Lavoie, a 63-year-old SpaceX employee, has seen the value of his 200,000 shares skyrocket over the years. The pressure tank engineer joined the rocket manufacturer in 2009, receiving stock as part of his compensation package. Now, Lavoie is ready to start cashing in on his stake whenever he can, selling a little bit at a time.
SpaceX's listing on the Nasdaq in June marks the company's biggest initial public offering (IPO) in history, valuing the rocket and satellite firm at over $2 trillion. The shares are being released in stages, with the first 20% hitting the market on August 6. Lavoie plans to use his earnings to fund a hotel renovation in Italy and a small brewery.
In its first six months of being a public company, SpaceX made a net loss of $143m, while its revenue nearly doubled to $7.8bn. SpaceX's shares have fallen 13.6% following the earnings report, but Lavoie remains optimistic about the company's long-term potential.
Written by urgent.news from BBC Science's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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