The jump in SpaceX’s share price today. as its floats on the US stock market, means Elon Musk has become the world’s first trillionaire.
His 38% stake in SpaceX is now worth around $800bn. after they jumped 20% in early trading, with the whole company’s valuation now over $2tn.
Musk also owns just over 10% of Tesla. a stake worth $165bn, plus options to acquire another nearly 8% stake, worth $114bn according to Forbes’s calculations.
Forbes had calculated Musk’s wealth at around $980bn before SpaceX’s shares started trading. so it would only have taken a small rise in the share price today to hit the one-trillion dollar figure.
Musk also owns stakes in his brain interface startup Neuralink. his tunneling firm Boring Company, plus has wealth from previous Tesla share sales.
Reminder: Oxfam has warned. the jump in Musk’s wealth to over a trillion dollars marks ‘a dark day for democracy’.
Musk was in a celebratory mood on X as his rocket company went public. In a break from his usual online output boosting far-right influencers, attacking immigration. posting about race, Musk’s feed on Friday looked like a victory lap touting his success. He reposted well-wishers and positive news about the IPO, as well expressed his gratitude for SpaceX’s employees.
“I love the incredible people of SpaceX beyond words,” Musk said.
Musk’s status as the world’s first trillionaire is a symbol of the vast wealth being accumulated amid the tech. AI boom. OpenAI. Anthropic’s IPOs later this year are additionally set to result in huge financial gains for other tech moguls and wealthy investors.
It’s a consolidation of extreme wealth that highlights massive economic disparities. could have profound effects on society, as described by French economist Gabriel Zucman. “There is a fundamental tension in democratic societies between extreme wealth …. the very possibility of a well-functioning democracy,” said Zucman. “After World War II, it looked like extreme wealth belonged to the past” but now, he said, “the AI boom is minting billionaires by the day”. the first trillionaires are coming into view.
In today’s episode of The Guardian’s new podcast, Stateside with Kai. Carter, US tech editor Blake Montgomery tells Kai Wright about SpaceX’s plan to create a self-sustaining city of one million people on Mars. If that happens, Musk could earn additional shares and compensation.
Elon Musk ’s SpaceX has made the largest-ever stock market debut today. with a valuation of over $2tn, making Musk the world’s first trillionaire. What’s behind the company’s astronomical valuation? A promise to make humanity multiplanetary.
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The jump in SpaceX’s share price today. as its floats on the US stock market, means Elon Musk has become the world’s first trillionaire.
His 38% stake in SpaceX is now worth around $800bn. after they jumped 20% in early trading, with the whole company’s valuation now over $2tn.
Musk also owns just over 10% of Tesla. a stake worth $165bn, plus options to acquire another nearly 8% stake, worth $114bn according to Forbes’s calculations.
Forbes had calculated Musk’s wealth at around $980bn before SpaceX’s shares started trading. so it would only have taken a small rise in the share price today to hit the one-trillion dollar figure.
Musk also owns stakes in his brain interface startup Neuralink. his tunneling firm Boring Company, plus has wealth from previous Tesla share sales.
Reminder: Oxfam has warned. the jump in Musk’s wealth to over a trillion dollars marks ‘a dark day for democracy’.
SpaceX’s shares are pushing higher. as investors who missed out in this week’s initial public offering try to buy a stake in the company.
They’re now up to $162.58, or 20% higher than the $135 IPO price.
That pushes SpaceX’s stock market valuation over the $2tn mark.
BOOM! SpaceX’s shares have begun trading 11% above their IPO price, as the biggest stock market float ever gets under way.
After an auction process that lasted more than two hours, SpaceX’s shares are finally trading on the Nasdaq at $150.
That’s a jump on the $135 which investors paid for each share in the company’s IPO. which raised a record $75bn.
It gives SpaceX a valuation of almost $2tn, above the $1.77tn set in the IPO.
SpaceX is now only expected to jump by around 12% when the company’s shares finally start trading.
Early quotes from the Nasdaq are now pointing to an indicative opening price of $151. Reuters reports, still above the IPO price of $135.
The price-discovery auction, where Nasdaq collects. matches buy and sell orders, ready for a smooth start to trading, is still continuing …
Back at the Nasdaq, SpaceX’s indicated opening price has continued to tick down a little.
A few minutes ago it was indicated to open at $160, 18.5% above the $135 IPO price.
The drama of today’s stock market float didn’t prevent SpaceX continuing with its day job.
SpaceX launched a Falcon 9 rocket from the Cape Canaveral Space Force Station in Florida. to take 29 Starlink satellites into low Earth orbit.
Speaking before the company rang the Nasdaq opening bell, SpaceX chief operating officer Gwynne Shotwell said:
double quotation mark I want everyone to know that we opened in a rather exciting way. We launched. Falcon 9 launched Starlink satellites to orbit. What company would do such a thing on the day that they open in the public market? SpaceX would.
Oxfam has also released polling showing. six in ten Britons (60%) think it is unacceptable for any individual to hold more than £1tn in personal wealth.
A timely finding, as SpaceX’s IPO appears to be poised to catapult Elon Musk into that position.
double quotation mark At the same time, three quarters of the public (76%) support a 2% wealth tax on assets over £10 million, which Oxfam says could raise an estimated £24 billion every year to help rebuild public services, reduce poverty. tackle inequality in the UK and around the world.
71% also believe the current economic system works mainly in the interests of the very wealthy rather than ordinary people - a finding the charity says reflects growing public frustration with extreme inequality. falling living standards.
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