We need to change the rules so that the needs of workers, customers, communities, and the planet are a part of the equation.
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Updates
Press Release: A New Way to Transfer Wealth from Working People to Billionaires Hits the Market with SpaceX IPO
SpaceX went public today at $135 a share and $1.77 trillion valuation — an almost 100 price to sales ratio — with a governance structure that consolidates power with Elon Musk and attempts to dramatically restrict shareholder lawsuits.
AFR in the News
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Financial Times: Protesters gather outside JPMorgan headquarters over SpaceX debut
“We’re very concerned that in just a few trading days [SpaceX stock] is poised to end up in people’s 401ks,” said Natalia Renta, associate director for corporate governance and power at non-profit Americans for Financial Reform.
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Bloomberg: As SpaceX Makes Musk Trillionaire, Some Dissent on NYC’s Streets
“The scene is set for wealthy early investors to cash out while leaving retirement savers holding the bag,” said Natalia Renta, associate director of corporate governance and power at Americans for Financial Reform, a group that helped organize the demonstration.
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Business Insider: I went to a SpaceX IPO protest. The target wasn’t just trillionaires — it was Wall Street.
Natalia Renta, associate director of corporate governance and power at the Americans for Financial Reform Education Fund, told me that not only does SpaceX’s lack of profit concern her, but it’s the amount of total control Musk has over the company and the lack of accountability to shareholders.
