Musk becomes world’s first trillionaire as SpaceX blasts off in public markets

(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