Key facts
- Elon Musk has become the world's first trillionaire following SpaceX's record-breaking IPO.
- SpaceX shares surged on their first day of trading, with the IPO opening at $150 and closing up 19%.
- The IPO raised $75 billion, valuing SpaceX at $1.77 trillion at market close.
- Musk's net worth is estimated at $1.11 trillion, surpassing combined fortunes of other top billionaires.
- SpaceX's success marks a significant moment in capitalism, tied to future ventures and Musk's vision.
- The IPO has drawn a mix of investor enthusiasm, public admiration, and criticism regarding wealth inequality.
Elon Musk has become the world's first trillionaire following the record-breaking initial public offering of his company, SpaceX. The rocket and artificial intelligence firm's shares surged on their first day of trading, pushing Musk's net worth to an estimated $1.11 trillion.
SpaceX's IPO opened at $150 per share, exceeding its initial price of $135, and closed up 19% at $160.95. The offering raised $75 billion, making it the largest IPO in history and valuing the company at $1.77 trillion at market close. Musk, who holds a 38% stake in SpaceX worth $688 billion at the IPO price, also has significant holdings in Tesla, X (formerly Twitter), Neuralink, and The Boring Company.
This achievement places Musk's wealth above the combined fortunes of top billionaires like Larry Page, Sergei Brin, Jeff Bezos, and Larry Ellison. However, his immense personal wealth comes amid controversy, with Musk's social media posts drawing criticism and calls for increased taxation on the wealthy. Prime Minister Sir Keir Starmer has vowed to address division fueled by social media.
SpaceX aims for ambitious goals, including colonizing Mars and deploying AI data centers in space. As founder, chairman, and CEO, Musk retains significant control over the publicly listed company through his majority ownership of class B shares, which carry 10 votes each. Musk's entrepreneurial journey began with co-founding Zip2, which was sold to Compaq, followed by his involvement in X.com, which became PayPal. He later founded SpaceX in 2002 and invested in Tesla shortly after.