Elon Musk Becomes World's First Trillionaire as SpaceX Soars in Stock Market Debut
UKPulse Money Desk
Elon Musk has become the world's first trillionaire after his space exploration company SpaceX listed on the Nasdaq stock exchange with a value of $2.2tn, sparking debate about wealth inequality.
- Elon Musk becomes the world's first trillionaire
- SpaceX lists on Nasdaq with a value of $2.2tn
- Musk's net worth stands at over $1tn (£750bn)
Elon Musk has cemented his status as the world's richest man after shares in his space exploration company SpaceX soared during its stock market debut on Friday.
The company listed on the Nasdaq stock exchange in New York with a value of $2.2tn, making Elon Musk the world's first trillionaire.
SpaceX's initial public offering (IPO) raised $75bn from investors, which will be used to fund the company's investments in artificial intelligence and reusable rocket technology.
Musk's 42% ownership stake in SpaceX ended the day worth around £884bn, with his 12% stake in Tesla worth another £183bn.
Why this matters: This milestone highlights concerns about wealth inequality and has sparked debate among politicians, including left-wing US senators Bernie Sanders and Elizabeth Warren.
What this means for you: What this means for you: As a UK investor, the surge in SpaceX's value could affect your pension pot or savings account if it is invested in index-linked funds that track the biggest firms.