Elon Musk has become the first person to surpass a $1 trillion net worth on paper after SpaceX priced its initial public offering at $135 per share.
Musk’s fortune, previously estimated at $813 billion, rose above the trillion-dollar mark following the IPO pricing, driven by the increased value of his stake in the rocket company.
The shares, trading under the ticker SPCX, are expected to begin trading on the Nasdaq on Friday.
According to the company’s IPO filing, Musk owns about 4.8 billion SpaceX shares, representing roughly 42 per cent of the company, in addition to 350 million stock options.
At the IPO price, his equity stake is valued at about $648 billion, while the stock options are worth an estimated $44.3 billion.
The IPO is also expected to generate significant wealth for employees and early investors. Reports indicate that thousands of SpaceX workers could become millionaires following the public listing.
The milestone has renewed debate over wealth inequality, with critics arguing that the concentration of wealth among a small number of individuals highlights widening economic disparities.
Musk remains the world’s richest person by a wide margin, with his fortune now exceeding the economic output of many countries.
