Justin Fishner-Wolfson

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289 appearances 1 recordings 1 series first heard Jun 2026 last heard 14 Jun

Justin Fishner-Wolfson’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 1 in all, peaking in Jun 2026 with 1.

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Sourcery · SpaceX IPO: Inside the Firm That Owns 1% · 14 Jun 2026 podcast

And they basically started telling people, like, if you sell shares, we're going to fire you.

Right.

And so people just started quitting.

Because they wanted to sell and they created this very perverse incentive of like, okay, well, if you're a current employee, you have to become a former employee to sell.

And so this just kind of comes back to like, how do you want to include people?

I would argue you probably want to include your current employees and maybe you want to include your former employees, but if you're going to build this over time, maybe you don't include them on the first one, you include them over time.

So a lot of it is just kind of expectations management and building a good process.

I think it's great that they've really shared equity across the entire company, which is incredible.

And to your point, they have lots of people on the shop floor who literally make all of the stuff that matters.

So the fact that this is life changing for so many people, I really think is incredible.

The tenders are an opportunity.

No one has to sell anything.

It's just an opportunity for people to sell something.

The company has bought back shares, I think, just to manage dilution.

If you look at public companies, they buy back shares, and that's relatively normal.

So the only difference is that this was a private company.

I mean, for us, all I care about is cash on cash returns.

I think people get really focused on ownership percentages because it was a heuristic that sort of made sense that said, well, if you had a company that would exit for a billion dollars and your fund size is $200 million, you needed to do some math there and you could sort of figure out what your ownership percentage needed to be.

And I think that's fine, but I look back at sort of what Peter did with Facebook.

I think a lot of the reason that he originally did that deal was because most people wanted a much higher ownership percentage and he was okay getting 10% of the company, which obviously was clearly the right decision.

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