SpaceX founder and CEO Elon Musk has become the first person in history to exceed a net worth of $1 trillion, according to a report by CNN.The milestone was fueled by the blockbuster stock market debut of SpaceX, Musk’s rocket and space technology company.
SpaceX priced its initial public offering at $135 per share, pushing Musk’s estimated fortune to just over $1 trillion. The company’s shares, trading under the ticker symbol SPCX on the Nasdaq, rose to $165 shortly after markets opened on Friday — about 22 per cent above the IPO price — lifting SpaceX’s valuation beyond $2 trillion.
Before the listing, Musk was already worth an estimated $813 billion, more than double the fortune of the world’s second-richest person, Larry Page, whose wealth was estimated at about $288 billion, according to Forbes. Musk’s wealth now exceeds the combined fortunes of the next three individuals on the Bloomberg Billionaires Index: Larry Page, Sergey Brin and Larry Ellison.
At its current valuation, SpaceX ranks as the sixth-largest publicly traded company in the United States, behind Nvidia, Alphabet, Apple, Microsoft and Amazon. SpaceX is the parent company of Starlink, which continues to expand profitably, as well as xAI, Musk’s AI venture behind the Grok chatbot.
