Elon Musk, the world's richest person, has achieved a historic milestone by becoming the first trillionaire following the initial public offering of SpaceX. In a post on his social media platform, Musk recently remarked, “Whoever said ‘money can’t buy happiness’ really knew what they were talking about.” Now, he can test that maxim even further with his new title.
SpaceX IPO Propels Musk to Trillionaire Status
SpaceX shares opened at US$150 each on Friday, 11 percent above their offering price, after trading began in New York. The rocket and AI company, which Musk founded, is now valued at roughly US$2 trillion. According to the Bloomberg Billionaires Index, Musk's fortune stands at nearly US$1.05 trillion, more than three times that of the world's second-richest person, Google co-founder Larry Page.
It was less than a decade ago that Bloomberg's wealth index recorded its first fortune exceeding US$100 billion, a milestone Musk surpassed in 2020. Since then, he has dominated the ranks of the world's richest, first as Tesla Inc. became one of the best-performing stocks, and later as investors sought a piece of Space Exploration Technologies Corp., now among the most valuable companies globally.
A Fortune Beyond Comprehension
A trillion-dollar fortune is roughly equivalent to Switzerland's gross domestic product. For perspective, Steve Cohen, who earned US$3.4 billion last year as the world's highest-earning hedge fund manager, would need nearly 300 years to reach a trillion. If Musk's 14 children each inherited equal shares, they would rank 29th among the world's richest individuals.
“We’re not talking about generational wealth,” said Dan Walter, an independent pay consultant. “We’re talking about infinite.”
Musk's Journey and Impact
At 54, Musk's wealth has made him one of the most powerful and divisive figures globally. He has used his fortune to pursue his vision, including buying Twitter in 2022 to combat “the woke mind virus,” funding an AI chatbot aligned with his worldview, and supporting Donald Trump's second term with donations. The more than US$291 million he spent on the 2024 federal election represents less than 0.03 percent of his net worth.
Despite his success, Musk's path to trillionaire has faced challenges. His 2022 Twitter purchase led to selling over US$15 billion in Tesla shares, causing a stock dip. A US$56 billion Tesla compensation deal was struck down by a Delaware judge, and his political involvement reduced Tesla sales. However, Musk recovered: Twitter (now X) saw data value rise with AI demand, and he merged it with xAI. Tesla relocated to Texas, won an appeal for his pay package, and secured a new deal worth up to US$1 trillion. Investors now focus on future offerings like robotaxis and Optimus robots.
