SpaceX founder and Chief Executive Officer Elon Musk on Friday made a fresh historical mark as he became the first person in history to cross the $1 trillion net worth threshold, CNN has reported.
His rocket company’s successful stock market launch reportedly served as the catalyst for the milestone.
Elon Musk’s projected net worth rose to just over $1 trillion after SpaceX priced its IPO at $135 per share.
Meanwhile, shortly after Friday’s market opened, shares listed on the Nasdaq under the ticker “SPCX” reportedly surged to $165—about 22% above the IPO price—pushing SpaceX’s valuation beyond $2 trillion.
According to Forbes, Elon Musk was already estimated to be worth $813 billion prior to the listing—more than twice the wealth of the world’s second-richest person, Google co-founder Larry Page, who is valued at about $288 billion.
Meanwhile, the next names on the Bloomberg Billionaires Index, including Google co-founder Sergey Brin and Oracle founder Larry Ellison, reportedly trail behind Musk in total wealth.
In addition, SpaceX is currently ranked 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, the satellite internet service, which is profitable and growing, as well as xAI, Musk’s artificial intelligence company that operates the Grok chatbot.
BACKSTORY…
This comes less than three months after a federal jury in California found Friday that tech tycoon Elon Musk misled Twitter shareholders, driving down the company’s share price as he was poised to buy it in a $44 billion deal.
According to jurors’ calculations of damages, the richest person in the world may be required to pay billions of dollars as a result of the class action securities lawsuit’s verdict.
