SpaceX alumni face a wave of aggressive courtship from wealth managers

Morton, who now leads the Los Angeles-based software startup Revel, spent nearly a decade at SpaceX, rising from an intern to a manager on the Starship project. His experience reflects a broader trend among the company’s workforce, where equity-based compensation has transformed engineers and technicians into high-net-worth individuals overnight. The recent IPO, which pushed the firm’s valuation past $2 trillion, has turned these employees into prime targets for financial advisors seeking to manage new fortunes.

The phenomenon echoes the legacy of the 'PayPal mafia,' a cohort of former employees whose wealth and network catalyzed a wave of new tech ventures. Morton expects a similar shift at SpaceX, suggesting that the influx of capital will empower staff to pursue their own entrepreneurial interests. While some peers are joking about luxury purchases or real estate investments, Morton remains focused on Revel, which recently secured $150 million in Series B funding. He notes that the IPO provides a critical layer of financial freedom, allowing former employees the stability to take risks on adventurous new projects.