From space rocks to smart watches
A former SpaceX employee is using wealth from the company's IPO to purchase luxury items, sparking a discussion on whether a new wave of tech millionaires will revitalize the luxury goods market. While luxury brands are struggling globally, they are seeing growth in North America due to high consumer confidence.
Why it matters
This reflects the shifting demographics of luxury consumption and the impact of tech-sector wealth on the broader economy.
SITTING on roughly US$3.5mil in SpaceX shares, Chip, a former data scientist at Elon Musk’s aerospace behemoth, has recently bought meteorites worth US$10,000 and a US$5,000 fire truck.
The 50-year-old space enthusiast is not sure how he will use the truck – maybe as an attraction for his three-year-old kid’s birthday party.
But his new wealth tied to SpaceX’s initial public offering (IPO) in June has given him the freedom to buy “silly” things, he tells Reuters.
Chip, who asked to use only his first name to discuss personal finances, has been eyeing the TAG Heuer Carrera Calibre 1887 SpaceX Chronograph watch in the US$8,000 range, inspired by The National Aeronautics and Space Administration or Nasa astronaut John Glenn’s 1962 mission in Earth’s orbit.
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