SpaceX founder and Chief Executive Officer, Elon Musk on Friday became the first person in history to cross the $1 trillion net worth threshold, CNN has reported.
The milestone was driven by the blockbuster stock market debut of his rocket 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, climbed to $165 shortly after markets opened Friday — roughly 22 per cent above the IPO price — lifting SpaceX’s valuation above $2 trillion.
Before the listing, Musk was already worth an estimated $813 billion, a fortune more than twice the size of the planet’s second-richest person, Google co-founder Larry Page, valued at approximately $288 billion, according to Forbes.
Musk’s net worth now exceeds the combined wealth of the next three names on the Bloomberg Billionaires Index: Google co-founders Larry Page and Sergey Brin, and Oracle founder Larry Ellison.
At its current valuation, SpaceX ranks as the sixth-largest publicly traded company in the United States, behind only Nvidia, Alphabet, Apple, Microsoft and Amazon.
SpaceX is the parent company of Starlink, the satellite internet service, which is profitable and growing, as well as xAI, Musk’s artificial intelligence company that operates the Grok chatbot.
Credit: punchng.com
