Founder of SpaceX Elon Musk is officially the world’s first billionaire By June 12, the company had launched its first IPO worth $1.77 trillion and shares were priced at $135.
Today, June 12, the stock formally began trading on the Nasdaq exchange under the ticker symbol SPCX, with Musk’s net worth exceeding the $1.1 trillion threshold.
Elon’s net worth was about $813 billion before going public IPO
Musk is expected to retain primary control of SpaceX, holding approximately 82.4% of the company’s voting power through Class B shares with enhanced voting rights as CEO. “The teams are going to launch with a price of $135 per share for the SpaceX IPO,” SpaceX shared on X.
If you’re wondering how Musk achieved this financial feat, here’s a brief explanation:
With Class A shares at $135 each, SpaceX successfully raised approximately $75 billion, completely breaking Saudi Aramco’s 2019 going public record ($29.4 billion). The offering values the aerospace giant at around $1.77 trillion. Applying that valuation to Musk’s personal stake in the company, his SpaceX holdings are estimated to be worth about $866.5 billion. Combined with his reported $286.2 billion stake in Tesla, the figures place him firmly in trillion-dollar territory.
Economists argue that this dizzying fortune is still mostly “paper assets”. Due to strict SEC rules, Musk and his top executives can’t touch their new shares for an entire year. He cannot sell them, and he also cannot use them as collateral to take a loan. For the next 366 days, his trillionaire status is completely at the mercy of what the stock market decides on a daily basis.
Incidentally, 37-year-old Trevor Hiss, a 2011 college graduate, has benefited from his decision to join SpaceX, amid reservations about the then-emerging intelligence firm. During his 12 years at the company he eventually accumulated 100,000 shares, bringing the value of his stake to at least $13.5 million.
What do you think about Elon Musk’s amazing achievement?
Originally reported by Srimanti Sengupta Mandatory