By Billionaire entrepreneur Elon Musk has become the first person in history to surpass a net worth of $1 trillion following the record-breaking stock market debut of his aerospace company, SpaceX.
According to CNN, Musk crossed the milestone on Friday after SpaceX launched its highly anticipated initial public offering on the Nasdaq stock exchange.
SpaceX priced its shares at $135 each during the IPO, a move that immediately boosted Musk’s wealth to slightly above the trillion-dollar mark. The company’s shares later climbed to about $165 in early trading, representing a gain of roughly 22 per cent and pushing the firm’s valuation beyond $2 trillion.
The listing is being described as one of the most significant stock market debuts in recent history. Reuters reported that the IPO raised approximately $75 billion, making it the largest public offering ever recorded and instantly placing SpaceX among the most valuable publicly traded companies in the United States.
Before the listing, Musk’s fortune was estimated at about $813 billion. Data cited by Punch from Forbes showed that his wealth was already more than double that of Google’s co-founder Larry Page, who was valued at approximately $288 billion.
The latest surge in Musk’s fortune means his net worth now exceeds the combined wealth of several of the world’s wealthiest technology entrepreneurs, including Google co-founders Larry Page and Sergey Brin, as well as Oracle founder Larry Ellison.
