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said, ‘In the long run, this is worth a lot more than a thousand dollars in cash.’ He wasn’t screaming or anything like that, but he seemed disappointed in us. It was hard to hear that.” The lingering question for many SpaceX employees is when exactly they will see a big reward for all their work. SpaceX’s staff is paid well but by no means exorbitantly. Many of them expect to make their money when SpaceX files for an initial public offering. The thing is that Musk does not want to go public anytime soon, and understandably so. It’s a bit hard to explain the whole Mars thing to investors, when it’s unclear what the business model around starting a colony on another planet will be. When the employees heard Musk say that an IPO was years away and would not occur until the Mars mission looked more secure, they started to grumble, and when Musk found out, he addressed all of SpaceX in an e-mail that is a fantastic window into his thinking and how it differs from almost every other CEO’s. (The full e-mail appears in Appendix 3.) June 7, 2013 Going Public Per my recent comments, I am increasingly concerned about SpaceX going public before the Mars transport system is in place. Creating the technology needed to establish life on Mars is and always has been the fundamental goal of SpaceX. If being a public company diminishes that likelihood, then we should not do so until Mars is secure. This is something that I am open to reconsidering, but, given my experiences with Tesla and SolarCity, I am hesitant to foist being public on SpaceX, especially given the long term nature of our mission. Some at SpaceX who have not been through a public company experience may think that being public is desirable. This is not so. Public company stocks, particularly if big step changes in technology are involved, go through extreme volatility, both for reasons of internal execution and for reasons that have nothing to do with anything except the economy. This causes people to be distracted by the manic-depressive nature of the stock instead of creating great products. For those who are under the impression that they are so clever that they can outsmart public market investors and would sell SpaceX stock at the “right time,” let me relieve you of any such notion. If you really are better than most hedge fund managers, then there is no need to worry about the value of your SpaceX stock, as you can just invest in other public company stocks and make billions of dollars in the market. ElonPDF Image | SpaceX and the Quest
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