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The world’s richest man and Chief Executive Officer of SpaceX, Elon Musk, has become the first person in history to amass a fortune exceeding $1 trillion.
According to CNN, Musk’s latest wealth milestone was driven by the blockbuster stock market debut of his rocket company, SpaceX.
SpaceX priced its initial public offering (IPO) at $135 per share, pushing Musk’s estimated net worth to just over $1 trillion.
The company’s shares, trading under the ticker symbol “SPCX” on the Nasdaq, surged to $165 shortly after markets opened on Friday—about 22 per cent above the IPO price—raising SpaceX’s valuation to more than $2 trillion.
Before the listing, Musk’s fortune was estimated at $813 billion, more than twice that of the world’s second-richest person, Google co-founder Larry Page, whose net worth stood at approximately $288 billion, according to Forbes.
Musk’s wealth now exceeds the combined fortunes of the next three individuals on the Bloomberg Billionaires Index: Google co-founders Larry Page and Sergey Brin, and Oracle founder Larry Ellison.
SpaceX is currently the sixth-largest publicly traded company in the United States, trailing only Nvidia, Alphabet, Apple, Microsoft and Amazon.
The company is also the parent of Starlink, its fast-growing and profitable satellite internet service, as well as xAI, Musk’s artificial intelligence company behind the Grok chatbot.
