Elon Musk became the world's first trillionaire on Friday after shares of his rocket company, SpaceX, surged following what was described as the largest stock market debut in history.
The Tesla and SpaceX chief further strengthened his position as the world's wealthiest person, with Bloomberg estimating his total net worth at $1.11 trillion (£828 billion). The milestone came as SpaceX began trading on the Nasdaq stock exchange at a valuation of $2.2 trillion.
Investor enthusiasm surrounding the company, which operates across the space, telecommunications and artificial intelligence sectors, drove strong demand for the stock from the moment trading began.
SpaceX priced its shares at $135 each ahead of the listing. However, demand quickly pushed the stock higher when trading opened, with shares debuting at $150.
The rally continued during the session, with the stock briefly reaching $176.50 as investors rushed to gain exposure to one of the world's most closely watched private companies. Market interest was also fuelled by optimism surrounding future opportunities in the space industry and businesses linked to Musk.
By the end of Friday's trading session, SpaceX shares had settled at roughly $161, still well above the initial offering price.
The company's initial public offering raised $75 billion from investors and underwriting institutions before shares officially entered public trading.
Musk remains the dominant shareholder in SpaceX, holding a 42% ownership stake in the company. That position gives him effective control over the firm's strategic direction and the use of capital raised through the offering.
The blockbuster debut marked a major moment not only for SpaceX but also for global financial markets, underscoring the strong investor appetite for high-growth technology and space-related businesses.
According to Bloomberg, Musk's SpaceX holdings were valued at $767.1 billion at the close of trading. He also holds SpaceX options worth an additional $53.8 billion.
Beyond SpaceX, Musk's fortune includes $168 billion worth of Tesla shares and a further $116.4 billion in Tesla stock options.
Together, those holdings pushed his total wealth beyond the $1 trillion mark, placing him in a financial category of his own and extending his lead at the top of the global rich list.
