Elon Musk has become the world’s first trillionaire following the successful initial public offering (IPO) of SpaceX, which raised a record $75 billion and further cemented the billionaire entrepreneur’s position as one of the most influential figures in global business and technology.
SpaceX, the aerospace, satellite and artificial intelligence company at the centre of Musk’s business empire, completed the largest IPO in history on Thursday, reflecting strong investor confidence in the company’s growth prospects. The company is expected to begin trading on Friday.
According to calculations based on company filings, Musk’s net worth is projected to exceed $1.1 trillion once SpaceX shares commence trading, making him the first individual to cross the trillion-dollar wealth threshold.
Prior to the offering, Forbes estimated Musk’s net worth at approximately $780 billion, already placing him well ahead of other global billionaires. Most of his wealth is tied to his stake in SpaceX, which is valued at about $866 billion.
“The second richest person has been hovering around $300 billion, which is less than one-third of what Musk could potentially be worth,” said Matt Durot, Deputy Editor at Forbes Wealth. He noted that only one other individual, Oracle founder Larry Ellison, has previously reached the $400 billion mark.
Musk first rose to prominence through his leadership of electric vehicle manufacturer Tesla and aerospace company SpaceX. Over the years, he has expanded his influence beyond technology and transportation, becoming a dominant figure in online discourse following his acquisition of social media platform Twitter, now known as X, in 2022.
The acquisition provided Musk with a direct channel to hundreds of millions of users worldwide and amplified his role in public debates on issues ranging from free speech and immigration to government spending and politics.
Despite growing concerns globally about wealth inequality and increasing scrutiny of ultra-wealthy individuals, Musk has maintained a loyal following. Supporters often cite his unconventional communication style and ambitious technological vision as key reasons for his popularity.
However, critics have questioned his growing influence, raising concerns about corporate governance within his companies and his increasingly active involvement in political matters.
The record-breaking SpaceX IPO nonetheless underscores continued investor enthusiasm for Musk’s ventures and marks another milestone in a business career that has reshaped industries ranging from electric vehicles and space exploration to social media and artificial intelligence.
