Few business leaders have been as deeply embedded in popular culture as Elon Musk, the ambitious entrepreneur who has become a central figure in internet culture and amassed a fortune that has made him the world’s first trillionaire.
At a time when concerns about inequality are high and public attitudes toward the ultra-wealthy have soured, Musk has managed to retain a loyal following despite his stratospheric net worth and without the folksy persona that endeared other tycoons such as Warren Buffett to the masses.
While admirers view Musk’s no-filter style as part of his appeal, critics have accused him of wielding oligarch-like power, raised concerns about governance at his companies and objected to his increasingly partisan political interventions.
Still, SpaceX, the sprawling rocket, satellite and AI company that, together with electric-car maker Tesla, forms the centre of Musk’s empire, raised a record $75 billion in its initial public offering (IPO) on Thursday, highlighting investor enthusiasm for his business ventures.
SpaceX IPO sale
SpaceX priced the biggest-ever US IPO at $135 per share, making Elon Musk’s rocket and spacecraft manufacturer one of the world’s most valuable companies.
The IPO raised a record $75bn on the sale of 555.56 million shares, valuing the space, satellite and AI provider at $1.77 trillion, a record for an initial offering.
Thursday’*s pricing caps off a months-long effort that realised Musk’s most ambitious project yet even as he stood a handful of financial traditions on their heads, and as some analysts question whether its lofty valuation is justified.
SpaceX will rank seventh among US-listed firms when its shares begin trading on the Nasdaq on Friday, though it lost money last year and other mega-caps far outpace its revenue.
Elon Musk’s net worth
Prior to the share sale, Forbes pegged his net worth at roughly $780bn, far ahead of the man next in line, Alphabet co-founder Larry Page.
“The second richest person has been hovering around $300bn, so about less than one-third of what Musk can potentially be worth tomorrow,” said Matt Durot, deputy editor at Forbes Wealth.
“And only one other person (Oracle founder) Larry Ellison has ever been worth $400bn.
Most of Musk’s wealth now rests with SpaceX, where he holds a stake worth roughly $866bn.
Along with Tesla and the rest of his properties, his net worth will exceed $1.1tr when the stock begins trading on Friday, according to Reuters calculations based on company filings.
The tally includes stock components that would vest over time.
Musk became a household name through Tesla and SpaceX before expanding his influence with the $44bn acquisition of social media platform Twitter (now X) in 2022.
The deal gave him a direct channel to hundreds of millions of users and made him a prominent voice on issues ranging from politics and immigration to government spending and free speech.
