SpaceX's IPO on the stock market, Musk a trillionaire - SpaceX IPO, prices set a record: $75 billion
Few business leaders have become as well-known as Elon Musk, the entrepreneur who has become a central figure in internet culture. He has already amassed such a fortune that he became the world's first trillionaire.
SpaceX, the rocket, satellite and artificial intelligence company that, along with electric car maker Tesla, forms the centerpiece of Musk’s empire, raised a record $75 billion in its initial public offering on Thursday, underscoring investor enthusiasm for his business ventures. The initial public offering price of $135 per share was the highest ever in the U.S. The amount was realized after selling 555 million shares, a record for an initial offering.
Before the stock sale, Forbes estimated his net worth at $780 billion, far more than the next highest-ranking person, Alphabet co-founder Larry Page.
The bulk of Musk's wealth now belongs to SpaceX, where he owns shares worth approximately $866 billion. Together with Tesla and the rest of his holdings, his net worth exceeds $1.1 trillion.
Musk became a household name through Tesla and SpaceX before expanding his influence with the $44 billion purchase of social media platform Twitter in 2022. The deal gave him a direct channel to hundreds of millions of users and made him a prominent voice on topics from politics, immigration, government spending and free speech.
Musk, 54, was born in Pretoria, South Africa, to a Canadian mother and a South African father. He attended the University of Pennsylvania, where he graduated in 1997. He took over as Tesla CEO in 2008 with the belief that electric vehicles could combine high performance with software-based features. Some auto industry observers say Tesla’s success — and its market capitalization of more than a trillion dollars — helped spur traditional automakers to switch to electric cars. Many investors are betting he can replicate that success in space and artificial intelligence.
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