SpaceX founder and Chief Executive Officer, Elon Musk, has become the first individual in history to achieve a net worth exceeding $1 trillion, according to a report by CNN.
The landmark achievement follows the highly successful stock market debut of his aerospace company, SpaceX.
The company launched its initial public offering at $135 per share, a move that propelled Musk’s personal fortune beyond the trillion-dollar mark.
Trading under the ticker symbol “SPCX” on the Nasdaq, SpaceX shares surged to $165 shortly after Friday’s market opening, representing a gain of about 22 per cent above the IPO price.
The rally pushed the company’s market valuation past $2 trillion.
Prior to the public listing, Musk’s wealth was estimated at $813 billion. According to Forbes, that figure was already more than double the fortune of the world’s second-richest person, Google co-founder Larry Page, whose net worth stands at approximately $288 billion.
With his latest wealth increase, Musk now holds a fortune greater than the combined net worth of the next three individuals on the Bloomberg Billionaires Index — Google co-founders Larry Page and Sergey Brin, along with Oracle founder Larry Ellison.
The soaring valuation of SpaceX has also elevated the company into the ranks of America’s largest publicly traded corporations. It is now the sixth-largest listed company in the United States, trailing only Nvidia, Alphabet, Apple, Microsoft and Amazon.
SpaceX oversees several high-profile ventures, including Starlink, its expanding and profitable satellite internet business, and xAI, Musk’s artificial intelligence company responsible for developing the Grok chatbot.
