SpaceX founder and Chief Executive Officer (CEO) Elon Musk has become the first person in history to attain a net worth of more than $1 trillion following the successful public listing of his aerospace company.
According to CNN, Musk crossed the historic wealth mark on Friday after SpaceX made a strong debut on the stock market.
The company launched its initial public offering at $135 per share, a development that pushed Musk’s estimated fortune beyond the $1 trillion threshold.
Trading under the ticker symbol “SPCX” on the Nasdaq, SpaceX shares surged to $165 shortly after the market opened, representing a gain of about 22 per cent from the IPO price. The rise increased the company’s market value to more than $2 trillion.
Prior to the stock market debut, Musk’s wealth was estimated at $813 billion. Forbes ranked him far ahead of the world’s second-richest individual, Google co-founder Larry Page, whose fortune stood at about $288 billion.
The latest increase in Musk’s wealth means his net worth is now greater than the combined fortunes of the next three individuals on the Bloomberg Billionaires Index — Google co-founders Larry Page and Sergey Brin, as well as Oracle founder Larry Ellison.
Following its market debut, SpaceX has become the sixth-largest publicly traded company in the United States. Only Nvidia, Alphabet, Apple, Microsoft and Amazon currently rank ahead of it in market value.
SpaceX owns Starlink, the satellite internet business that continues to expand profitably, and xAI, Musk’s artificial intelligence company behind the Grok chatbot.
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