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\u2019s first trillionaire.<\/p>\n
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.<\/p>\n
While admirers view Musk\u2019s 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.<\/p>\n
Still, SpaceX, the sprawling rocket, satellite and AI company that, together with electric-car maker Tesla, forms the centre of Musk\u2019s empire, raised a record $75 billion in its initial public offering (IPO) on Thursday, highlighting investor enthusiasm for his business ventures.<\/p>\n
SpaceX IPO sale
\nSpaceX priced the biggest-ever US IPO at $135 per share, making Elon Musk\u2019s rocket and spacecraft manufacturer one of the world\u2019s most valuable companies.<\/p>\n
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.<\/p>\n
Thursday\u2019*s pricing caps off a months-long effort that realised Musk\u2019s 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.<\/p>\n
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.<\/p>\n
Elon Musk\u2019s net worth
\nPrior 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.<\/p>\n
\u201cThe second richest person has been hovering around $300bn, so about less than one-third of what Musk can potentially be worth tomorrow,\u201d said Matt Durot, deputy editor at Forbes Wealth.<\/p>\n
\u201cAnd only one other person (Oracle founder) Larry Ellison has ever been worth $400bn.<\/p>\n
Most of Musk\u2019s wealth now rests with SpaceX, where he holds a stake worth roughly $866bn.<\/p>\n
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.<\/p>\n
The tally includes stock components that would vest over time.<\/p>\n
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.<\/p>\n
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.<\/p>\n","protected":false},"excerpt":{"rendered":"
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\u2019s first trillionaire. At a time when concerns about inequality are high and public attitudes toward the ultra-wealthy have soured, […]<\/p>\n","protected":false},"author":1,"featured_media":18484,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-18483","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news"],"_links":{"self":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts\/18483","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=18483"}],"version-history":[{"count":1,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts\/18483\/revisions"}],"predecessor-version":[{"id":18485,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts\/18483\/revisions\/18485"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/media\/18484"}],"wp:attachment":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18483"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18483"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18483"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}