How much money did Elon Musk make in SpaceX’s stock market debut?
He’s now the world’s first trillionaire, after his rocket and AI company broke IPO records on its way to a $2.1tn valuation Elon Musk is now the world’s first trillionaire. SpaceX’s historic debut on the stock market on Friday launched the CEO to unprecedented levels of wealth;
He’s now the world’s first trillionaire, after his rocket and AI company broke IPO records on its way to a $2.1tn valuation
Elon Musk is now the world’s first trillionaire. SpaceX’s historic debut on the stock market on Friday launched the CEO to unprecedented levels of wealth; his personal fortune now amounts to $1.1tn, an increase of more than $62bn since the previous day, according to Forbes .
The rocket, satellite and AI company raised $75bn from its record-breaking initial public offering (IPO), and is now valued at $2.1tn after its first day of public trading.
Musk was already the world’s wealthiest person. In the days before SpaceX officially went public, his net worth hit $782bn , dropping by $50bn in one month due to a decline in Tesla’s share price, according to Forbes. However, the figure represents a huge leap from a decade ago, when the tech executive’s net worth hovered around $14bn – and an even bigger jump compared with 15 years earlier, when he was worth just $680m , according to Forbes.
It can be hard to conceptualize such exorbitant wealth. To drive home just how much money $1.1tn is: only about 21 countries’ yearly economic output exceeds $1tn. Even Musk’s birthplace isn’t part of that elite club; South Africa’s output of goods and service is closer to $480bn . A trillion dollars is enough to buy 243bn gallons of gasoline. (That’s more than the nearly 137bn gallons Americans used last year.)
SpaceX’s stock soared after its debut. At market close, at 4pm ET, its share price was $161, up 19% from its initial price of $135 per share. SpaceX had opened at $150 a share before peaking at $176 at midday.
The vast majority of Musk’s money is tied up in stocks and equity, and isn’t available as cash he can quickly spend. His portfolio of companies includes Tesla , the electric car maker, and xAI, the AI startup that was folded into SpaceX earlier this year.
Musk’s fortune is unprecedented, not just for its size but the speed at which it grew.
