Elon Musk becomes world's first trillionaire as SpaceX soars in stock market debut
Summary
Elon Musk became the world's first trillionaire after SpaceX, his rocket and AI company, went public on the stock market. SpaceX's shares rose sharply on their first day, giving Musk a net worth of over $1 trillion based mainly on the value of his shares.Key Facts
- SpaceX debuted on the Nasdaq stock exchange with a value of $2.2 trillion.
- The initial share price was set at $135 but opened at $150 and reached $176.50.
- SpaceX shares closed at $160.95 on their first day of trading.
- Musk owns 42% of SpaceX, worth about $884 billion, plus a 12% stake in Tesla worth $183 billion.
- The IPO raised $75 billion to fund SpaceX's AI and rocket technology projects.
- Musk’s wealth is mostly on paper, tied to stock value; he cannot sell SpaceX shares for one year.
- SpaceX has lost over $9 billion in recent years due to heavy investment in technology development.
- The company aims to make life multiplanetary and expand human knowledge beyond Earth.
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