(BBC News) Elon Musk on Friday became the world’s first trillionaire after shares in his SpaceX rocket company soared during the biggest-ever stock market debut.
The Tesla and SpaceX founder comfortably cemented his status as the world’s richest man, with his total net worth standing at $1.11 trillion USD, according to the Bloomberg rich list.
It came as the rocket, telecommunications and artificial intelligence (AI) company listed on the Nasdaq stock exchange with a value of $2.2 trillion.
The company said its shares would be offered at $135 each, but trading opened at $150 and briefly reached $176.50 in a show of investor enthusiasm for potential business related to space and companies associated with Musk.
SpaceX shares closed on Friday at about $161.
The initial public offering (IPO) of SpaceX raised $75 billion from investors and underwriters of the deal before shares of the company hit the open stock market on Friday.
Musk’s 42% ownership stake in SpaceX gives him essentially unilateral control over everything it does.
According to Bloomberg, his shares in SpaceX were worth $767.1 billion at close of trade, and he has another $53.8 billion in SpaceX options. He also has $168 billion in Tesla shares, and $116.4 billion in Tesla options.
https://www.bbc.com/news/articles/c4gypy3wwl7o