Former SpaceX Employee Details Equity's Impact on Financial and Career Freedom
Josh Giegel, an early SpaceX employee from 2009 to 2012, reports that his equity from the aerospace company significantly impacted his financial and professional life. Giegel stated the equity was "liberating," allowing him to make a down payment on a home, pay off his wife's student loans, and accept a lower salary at his current AI startup, Gambit. He also noted that the initial estimated value of his equity by SpaceX HR was significantly surpassed.
Josh Giegel, who worked at SpaceX from 2009 to 2012, credits his equity from the company with providing substantial financial and career flexibility. Giegel was a member of the propulsion analysis team, a small group responsible for the initial design of reusable rocket engine components for Falcon 9.
He joined SpaceX at age 23 and departed at 27, having interviewed with Elon Musk during his tenure. Giegel stated that the equity he received allowed him to put a down payment on a house and settle his wife's student loans. He also mentioned that it enables him to accept a reduced salary at Gambit, his AI startup, which in turn facilitates hiring more employees.
During his onboarding, SpaceX HR had estimated that his equity might be worth $250,000-$300,000 in 10 to 15 years, suggesting it could cover a down payment on a Los Angeles home. Giegel notes that SpaceX has conducted regular buybacks over the past decade. The financial flexibility has also supported travel plans and allowed his wife to consider a career change involving a salary reduction.
Currently 41 and residing in Los Angeles, Giegel is the CEO of Gambit, which has secured approximately $15 million in funding. He describes himself as risk-tolerant, highlighting that a significant portion of his net worth is invested in a rocket company. Giegel also observed that at least ten of his former SpaceX colleagues have gone on to found their own companies.
(Source: Business Insider)
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