Journalist Jo Ling Kent joined CBS News in July 2023 as the senior business and technology correspondent. With over 15 years of experience, she covers the intersection of technology and business in the U.S. and the emergence of China as a global economic power. She recently reported on a SpaceX success story.
The Journey of Juan Hernandez
Before Juan Hernandez became a welder at SpaceX, he was unfamiliar with the company. During an exclusive interview with CBS News correspondent Jo Ling Kent, Hernandez shared his story. He joined SpaceX over ten years ago, viewing it initially as a typical contract job. His decision to work there has significantly changed his life, especially after SpaceX’s staggering $75 billion initial public offering. This IPO could make Hernandez a millionaire by the end of the day.
SpaceX’s Stock Market Debut
SpaceX shares began trading on the Nasdaq under the symbol SPCX. This marked a long-awaited debut on Wall Street for the rocket and satellite firm.
Hernandez learned about SpaceX from a friend who suggested he would be a good fit given his background in welding. Even though he didn’t know what SpaceX was at the time, he was open to the opportunity and decided to join in 2015.
“I thought in my head, I don’t know what SpaceX is, but let’s go,” Hernandez recalled.
When he started at SpaceX, he was offered $10,000 worth of stock, something he didn’t value highly at the moment due to his lack of experience with stock-owning jobs. He never imagined the significant impact it would have.
Rising through the Ranks
Now with about 6,500 SpaceX shares, Hernandez is on the verge of significant financial growth. If these shares trade at the offering price of $135, his wealth could increase by nearly $880,000. Given the strong performance on Friday, Hernandez may earn even more.
At SpaceX, Hernandez contributed as a welder, building crucial structures for launching rockets. Over time, he advanced to a supervisory role. He stated that offering employees stock stakes motivates them to perform better due to their personal investment in the company.
“They will perform a lot better because, I mean, it is, it’s their company as well,” he said.
Staying Humble Through Success
Despite this transformative experience, Hernandez maintains his humility and work ethic. As an immigrant, he values hard work—an ethic he sees as vital regardless of newfound wealth. He continues to work and teaches his children the lessons he’s learned from investing.
His 16-year-old daughter is already venturing into investments, holding shares in companies like Meta. Hernandez describes her as an emerging entrepreneur in her own right.
If given a chance to speak with Elon Musk, Hernandez would express gratitude for the opportunities provided.
“He made it a possibility for somebody like us, you know, the cook or … electrician,” he said. “He’s making all these lives much better and meaningful for their families as well.”