NEW YORK: Elon Musk became the world’s first trillionaire after shares of his rocket company SpaceX soared in Wall Street’s biggest initial public offering of stock.
Shares in SpaceX jumped more than 19 percent after opening for trading at noon Friday, a sign that investors are looking past the billions the company is losing and instead betting that its massive investments in satellites, orbital data centers and artificial intelligence will pay off in the future.
SpaceX opened at $150 a share, then rose to around $168, before finishing the day just below $161. That price gave the company a market value of $2.1 trillion, making it the sixth largest public US company — larger even than its founder and CEO’s other big business, the electric vehicle maker Tesla.
Between his holdings in SpaceX and Tesla, where he is also CEO, Musk is now worth an estimated $1.1 trillion, according to Forbes.
Why SpaceX is going public now
