Elon Musk has become the world’s first trillionaire after SpaceX’s public debut, according to Bloomberg News.
The milestone came after SpaceX priced its shares at $135 each ahead of its IPO and the stock rose further in early trading on Friday.
Musk’s holdings in SpaceX were estimated at about $860 billion at the IPO price. Combined with his stake in Tesla and the initial jump in SpaceX shares, his paper wealth surpassed $1 trillion.
SpaceX’s stock continued to climb after trading began, further increasing the value of Musk’s holdings.
The company completed what it said was the largest IPO in history, raising $75 billion and trading under the SPCX ticker.
Political involvement
Musk’s rise to trillionaire status comes after a period of increased political activity.
According to the report, he spent around $300 million supporting Donald Trump’s 2024 presidential campaign.
He later joined the Trump administration and headed the Department of Government Efficiency.
The report said the initiative focused on canceling government contracts and included the dismantling of agencies such as USAID.
The Harvard T.H. Chan School of Public Health has said those actions have already contributed to hundreds of thousands of deaths, according to the report.
Additional wealth tied to Tesla
Musk could see his fortune grow further.
Tesla shareholders approved a compensation package last year that the report said could eventually be worth $1 trillion, provided the company achieves certain valuation and operational targets.
The report noted that 1 billion SpaceX shares held by Musk cannot be sold unless the company establishes a human colony on Mars.
SpaceX itself has described that objective as “improbable.”
However, Musk can borrow against those shares before that goal is reached, potentially allowing him to access billions of dollars without selling stock.
Voting control remains intact
Although SpaceX is now publicly traded, Musk retains substantial control over the company.
According to the report:
- He controls more than 80% of the voting power.
- He can appoint the company’s board of directors.
- SpaceX’s structure limits the scope for legal challenges.
The company has described space exploration and related industries as the largest addressable market in history.
TL;DR
Elon Musk’s wealth exceeded $1 trillion after SpaceX’s IPO and the subsequent rise in its share price, making him the world’s first trillionaire, according to Bloomberg News.
AI summary
- Elon Musk became the world’s first trillionaire.
- SpaceX’s IPO and rising stock price pushed his wealth above $1 trillion.
- Musk’s SpaceX stake alone was valued at around $860 billion.
- He retains more than 80% voting control in the company.
- Tesla compensation and additional SpaceX shares could add further to his wealth.
