Elon Musk becomes the world’s first trillionaire after SpaceX IPO – Firstpost

Elon Musk has become the world’s first trillionaire, crossing a historic wealth milestone after SpaceX’s blockbuster initial public offering (IPO) sent the value of his stake in the space and satellite company soaring.

The record-breaking debut of SpaceX,
which raised $75 billion in its IPO on Thursday, cemented Musk’s position as the richest person on the planet by a wide margin. According to Forbes estimates and Reuters calculations based on company filings, Musk’s net worth is expected to exceed $1.1 trillion when SpaceX shares begin trading on Friday.

The achievement marks a new chapter in the rise of the South African-born entrepreneur, whose business empire spans electric vehicles, space exploration, artificial intelligence, social media, brain-computer interfaces and infrastructure projects.

Prior to the IPO, Forbes estimated Musk’s wealth at around $780 billion. The sharp increase came largely from the revaluation of his holdings in SpaceX, where he owns a stake worth approximately $866 billion.

The gap between Musk and the rest of the world’s ultra-rich has widened dramatically. The second-richest individual globally has hovered around the $300 billion mark, while only one other person—Oracle founder Larry Ellison—has previously crossed $400 billion in net worth.

The rise of the ‘Muskonomy’

Musk first gained global prominence through Tesla and SpaceX, two companies that disrupted industries long dominated by established players.

As chief executive of Tesla, Musk helped transform the electric vehicle maker from a niche startup into the world’s most valuable automaker. Industry observers credit Tesla’s success with accelerating the global shift toward electric mobility and forcing traditional manufacturers to invest heavily in EV technology.

SpaceX, meanwhile, has become a dominant force in commercial space launches and satellite communications through its Starlink network. Investors are increasingly betting that the company could play a leading role in the future of artificial intelligence, space infrastructure and interplanetary exploration.

The scale and influence of Musk’s business empire have become so extensive that market participants have coined the term “Muskonomy” to describe the ecosystem of companies and ventures linked to him.

Beyond Tesla and SpaceX, Musk has co-founded or controls several other firms, including Neuralink, which develops brain-implant technology, and The Boring Company, a tunnelling and infrastructure startup.

Controversy and influence

Musk’s growing wealth has also intensified scrutiny of his influence in business, politics and public discourse.

The billionaire became an even more prominent public figure after acquiring social media platform Twitter, now known as X, in a $44 billion deal in 2022. The acquisition gave him a direct channel to hundreds of millions of users and amplified his role in debates over free speech, immigration, government spending and politics.

His involvement in US politics, including a stint in President Donald Trump’s Department of Government Efficiency (DOGE), drew both praise and criticism. The political controversies coincided with periods of weaker Tesla sales in some international markets as consumer boycotts and protests targeted the company.

Over the years, Musk has frequently clashed with regulators, journalists, short sellers and political leaders, adding to his reputation as one of the world’s most polarising business figures.

Yet investors have largely looked past those controversies, focusing instead on his track record of building companies that have transformed industries ranging from automobiles to aerospace.

Even some former critics have become admirers. JPMorgan Chase chief executive Jamie Dimon recently described Musk as “the Edison of our time” and compared him to Albert Einstein, underscoring the influence he now commands across the corporate world.

With inputs from agencies.