Elon Musk becomes world’s first trillionaire

Elon Musk has achieved a historic financial milestone, becoming the first person in the world to possess a net worth of $1 trillion. This unprecedented achievement was propelled by the highly successful initial public offering (IPO) of his aerospace company, SpaceX.

SpaceX set its IPO price at $135 per share, a valuation that pushed Musk's estimated fortune to just over the $1 trillion mark. Following the market debut, the company's shares, traded as "SPCX" on the Nasdaq, surged approximately 22% above the IPO price, reaching $165. This surge lifted SpaceX's overall valuation to more than $2 trillion.

Prior to the IPO, Musk's net worth was already estimated at $813 billion, more than double that of the second-richest person globally. His current wealth now surpasses the combined fortunes of Google co-founders Larry Page and Sergey Brin, and Oracle founder Larry Ellison.

With its current valuation, SpaceX ranks as the sixth-largest publicly traded company in the United States. It trails behind tech giants Nvidia, Alphabet, Apple, Microsoft, and Amazon. SpaceX is also the parent company of the profitable satellite internet service Starlink and xAI, Musk's artificial intelligence venture.