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SpaceX employees create low-fee Choreo wealth management plan for post-IPO

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SpaceX employees create low-fee Choreo wealth management plan for post-IPO

SpaceX signage outside the Space Exploration Technologies Corp. facility in Hawthorne, California, on June 3, 2026.

Michael Yanow | Nurphoto | Getty Images

A group of current and former SpaceX employees who joined forces to manage their post-IPO wealth has created a new, low-fee advisory option with Choreo, according to people familiar with the agreement.

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The employee group has more than 100 members and represents potential wealth of between $1 billion and $5 billion, according to the people, who spoke on the condition of anonymity to discuss confidential agreements. What began as an informal chat forum focused on philanthropy has grown into a broader effort to create more efficiencies and better access to financial advice using their combined wealth from their post-initial public offering windfalls, the people told CNBC.

A small team representing the group evaluated potential firms and created a new wealth management offering with Choreo that members can opt into. Choreo, a Chicago-based registered investment advisor, says on its website it has more than $28 billion in assets under management and advisement, 40-plus offices, and 200 wealth advisors.

Details and specific terms remain confidential, yet the sources told CNBC there will be a minimum annual fee or an annual management fee of under 0.5% of assets under management. Any fee below 0.5% could undercut the industry standard of between 0.5% and 1%. The Choreo fee structure is for a long-term agreement rather than a one-time promotional offer.

Choreo didn’t immediately respond to a request for comment.

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The deal marks a bold experiment in the wealth management industry that could shift the balance of power from advisory firms to wealthy groups of investors.

Wealth management firms have typically set their fees based on an individual’s or family’s wealth levels, offering a sliding scale based on investible assets. By joining forces, the SpaceX employees and alumni employees are proving they can use their collective financial scale to secure an option for better terms.

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The agreement also highlights the unprecedented power of the SpaceX IPO — establishing vast numbers of newly minted millionaires who were paid in stock as well as creating one of the most sought-after liquidity prizes in the wealth management industry.

The Elon Musk-led rocket company is set to debut at the Nasdaq on Friday.

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The vast majority of SpaceX employees – many of them engineers who were paid below-market salaries in return for stock – have never had large wealth to manage.

By reducing fees, members of the SpaceX group hope to be able to devote more of their fortunes from the SpaceX IPO to philanthropy, the people said.

In the forum, many of the SpaceXers have been sharing advice and contacts on how best to use their new wealth to give back to their communities, the people familiar said. Some indicated they are considering creating scholarships and funding for the colleges and universities where they were trained and educated. Others have said they want to fund new programs that give children better access to engineering, science and math programs.

Employees of Anthropic, which recently filed confidential plans to go public, are also in discussions with advisory firms about a potential collective option, the people familiar told CNBC.

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Yes Bank shares rally 15% in 4 sessions. What are technicals suggesting for traders?

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Yes Bank shares rally 15% in 4 sessions. What are technicals suggesting for traders?
Shares of Yes Bank gained as much as 6.5% to their day’s high of Rs 25.45 on the BSE on Wednesday, extending gains for a fourth straight session and rallying 15% over the same period. The private lender’s stock price is up 17% in 2026 and about 26% in one year.

From a fundamental perspective, the recent uptrend comes on the back of the lender announcing a strategic partnership with Northern Arc Capital aimed at expanding access to credit, scaling digital lending and offering debt investment opportunities to customers.

Also read: 5 under-the-radar stocks owned by 3 largest smallcap portfolios

For traders, here’s what technicals suggest

Ajit Mishra, Senior Vice President at Religare Broking, said Yes Bank share price has seen a healthy recovery from its crucial support zone near Rs 17 and is now moving towards a major hurdle at around Rs 26, which coincides with its 20-week exponential moving average (WEMA).

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He expects the stock to face some consolidation around that level, with a decisive breakout above Rs 26 potentially triggering the next leg of the recovery. Mishra advises short-term traders to consider booking partial profits near Rs 26 and wait for sustained strength above that level before re-entering, or accumulate on dips towards the Rs 23-24 zone.

Ruchit Jain, Vice President of Technical Research at Motilal Oswal, said the banking and NBFC space has started gaining momentum and has outperformed the broader market this month. He noted that Yes Bank has broken above its key resistance level of Rs 24, supported by rising volumes over the past few sessions. According to Jain, the stock’s 200-week exponential moving average, placed around Rs 26, will be an important resistance level to watch.


Virat Jagad, Senior Technical Research Analyst at Bonanza, said the stock has delivered a decisive breakout above a long-term descending trendline resistance, backed by a strong bullish candle that cleared major overhead supply.
He noted that the RSI has moved firmly into bullish territory above 60 without any bearish divergence, signalling strong upward momentum. Jagad added that the stock’s EMAs remain aligned in a structural uptrend, supporting fresh long positions in the Rs 24.00-Rs 24.60 range, with upside targets of Rs 28.50 and Rs 31. He recommends a stop loss at Rs 22.80 for fresh positions and a trailing stop loss at Rs 21.90 for existing holdings.Read more: AI boom hands HFCL investors nearly 200% returns in just 6 months. Overheated or undervalued?

Yes Bank Q4 snapshot

The private lender reported a 45% year-on-year surge in net profit to Rs 1,068 crore for the January-March quarter of FY26, while its net interest income rose 16% YoY to Rs 2,638 crore for the quarter under review.

Net interest margin (NIM) gained 20 bps to 2.7%, while asset quality improved. Gross non-performing assets (NPA) ratio declined 30 bps YoY to 1.3%, while net NPA ratio declined 10 bps to 0.2%.

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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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Zeta Global: Why This AI Platform Is Just Getting Started (NYSE:ZETA)

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Zeta Global: Why This AI Platform Is Just Getting Started (NYSE:ZETA)

This article was written by

Dear Reader,I am a Senior Derivatives Expert with over 10 years of experience in the field of Asset Management, specializing in equity analysis and research, macroeconomics, and risk-managed portfolio construction. My professional background covers both institutional and private client asset management, where I have advised on and implemented multi-asset strategies, but highly focusing on equities and derivatives.As you might be as well, I am a stock market enthusiast. My core passion lies in understanding how macro trends influence both asset prices and investor behavior. I closely follow EU and US central bank policies, sector rotation, and sentiment dynamics, and construct actionable investment strategies.BA in Financial Economics, MA in Financial Markets. In the past decade, I have navigated through various market conditions, and this was my PhD.One of the essential goals of writing on Seeking Alpha is to share insights with colleagues, fellow investors, exchange ideas, and become slightly better than yesterday. I contribute to the idea that investing should be accessible, inspiring, and empowering. It might sound like a cliche, I know, but in the end it’s highly valuable – so let’s help each other build confidence in long-term investing. The analysis and opinions shared in my articles and comments are for informational purposes only and should not be considered financial advice. Please do your own research before making any investment decisions.Thank you and have a lovely day!Best regards

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in ZETA over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Japan moves toward first-ever consumption tax cut, adds to fiscal strain

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Japan moves toward first-ever consumption tax cut, adds to fiscal strain


Japan moves toward first-ever consumption tax cut, adds to fiscal strain

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BMW shares slide after China weakness, Iran war prompt profit warning

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BMW shares slide after China weakness, Iran war prompt profit warning


BMW shares slide after China weakness, Iran war prompt profit warning

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At Close of Business podcast June 17 2026

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At Close of Business podcast June 17 2026

Sam Jones and Nadia Budihardjo discuss the Asian engagement feature in the recent Business News magazine.

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King doubles down on BHP strike support

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King doubles down on BHP strike support

Resources Minister Madeleine King used a visit to Perth to reaffirm her support for strike action at BHP’s Port Hedland operations, which could cost the miner up to $120 million per day.

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Ubtech Robotics: Site Visit Takeaways – Multiple Catalysts Ahead, Maintain Buy

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Baidu: Pivoting To AI Infrastructure, Robotaxis, And Embodied Robotics At A Discount

Ubtech Robotics: Site Visit Takeaways – Multiple Catalysts Ahead, Maintain Buy

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Green light for $1b Gingin battery

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Green light for $1b Gingin battery

A team led by former Macquarie Capital bankers has cleared a planning hurdle to build a $1 billion battery energy storage system near Gingin.

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Jeremy Clarkson shares ‘aggressive’ cancer diagnosis

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The Hawkstone brewery co-founder confirmed the news on his hit television show Clarkson’s Farm

Jeremy Clarkson with Hawkstone beer

Jeremy Clarkson with a Hawkstone beer(Image: Handout)

Jeremy Clarkson has announced he has been diagnosed with cancer. The former Top Gear presenter and Hawkstone brewery co-founder revealed the news in the latest episodes of season five of Clarkson’s Farm.

He disclosed that the disease was “aggressive” but had been caught at an early stage.

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“I’ve got cancer,” Clarkson told farm manager Kaleb Cooper and farmhand Charlie Ireland during discussions about harvest planning.

The TV presenter-turned-farmer said he anticipated being “fine” but would be out of action “for a while”.

Speaking from a hospital bed at the close of the season finale, Clarkson explained he had encountered complications throughout his treatment.

“We started season five with me in a hospital bed and here we are at the end of season five and I’m back in a hospital bed,” he said.

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The 66-year-old reflected on the future of the show.

“What I wanted to say was if this is all successful, I’ll see you for season six, and if it isn’t, I won’t,” he said. “Take care, everyone.”

The revelation comes nearly two years after Clarkson underwent a cardiac procedure.

Clarkson’s Farm follows the veteran television presenter and his team as they tackle the trials and tribulations of running Diddly Squat Farm near Chipping Norton, Oxfordshire.

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Since taking on the running of his farm in 2019 and subsequently launching his hugely popular reality series, Clarkson has become a prominent champion of British farmers, attending a protest in London against the Government’s plans to impose inheritance tax on farmland in November 2024.

The programme’s sixth series is scheduled to broadcast in 2027.

Clarkson has also found success with his brewery business. Earlier this month, Gloucestershire’s Hawkstone was named the fastest-growing private business in the South West of England by the Sunday Times.

Hawkstone topped the Sunday Times 100 regional list after making £44.9m in sales in the year to March – a staggering 128.19 per cent average annual growth in the last three years.

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Barclays lifts Stoxx 600 target to 670, upgrades Luxury after US-Iran deal

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Barclays lifts Stoxx 600 target to 670, upgrades Luxury after US-Iran deal

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