Tech entrepreneur Elon Musk has made history by becoming the first individual to surpass a net worth of $1 trillion following the highly successful stock market debut of his aerospace company, SpaceX.
According to a report by CNN, the milestone was achieved on Friday after SpaceX launched its initial public offering, which significantly boosted Musk’s personal wealth.
The company offered its shares at $135 each during the IPO. Shortly after trading began on the Nasdaq under the ticker symbol “SPCX,” the stock surged to $165 per share, representing a gain of about 22 per cent above its listing price.
The strong market performance pushed SpaceX valuation beyond $2 trillion and elevated Musk’s estimated fortune to more than $1 trillion.
Prior to the public listing, Musk’s wealth was already estimated at $813 billion. According to Forbes, that figure was more than double the fortune of the world’s second-richest individual, Google co-founder Larry Page, whose net worth stood at approximately $288 billion.
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With the latest increase in his wealth, Musk now possesses a fortune greater than the combined net worth of the next three individuals on the Bloomberg Billionaires Index — Google founders Larry Page and Sergey Brin, as well as Oracle founder Larry Ellison.
The soaring valuation of SpaceX has also positioned the company among the largest corporations in the United States.
It currently ranks as the sixth-most valuable publicly traded company, trailing only Nvidia, Alphabet, Apple, Microsoft and Amazon.
SpaceX oversees several major ventures, including Starlink, its satellite internet business, which has become profitable and continues to expand.
The company is also the parent organisation of xAI, Musk’s artificial intelligence firm responsible for the Grok chatbot.