Elon Musk Becomes First Trillionaire With SpaceX IPO – Variety

Elon Musk is officially the world’s first trillionaire after his SpaceX tech company debuted Friday at $150/share, 11% higher than the company’s IPO pricing. SpaceX — rocket manufacturer, satellite internet service provider, AI firm and owner of X (aka Twitter) all rolled into one — had already officially set a record for the biggest IPO in history with its initial stock pricing. On Thursday it confirmed the pricing of its IPO of 555.6 million shares of its Class A common stock, at a public offering price of $135.00/share. That gave it a valuation of around $1.77 trillion and the company raised about $75 billion from the IPO. Shares of the company, which is officially “Space Exploration Technologies Corp.,” began trading Friday at around 11:50 a.m. ET on the Nasdaq Global Select Market and Nasdaq Texas exchanges under the symbol “SPCX.” The stock shot up over $160/share, pushing its market cap over $2 trillion. Shares closed at $160.95/share after its first day of trading, closing up 19.2% from the IPO price and putting SpaceX’s current market cap at $2.11 trillion. Popular on Variety With the SpaceX IPO, Musk — already the world’s wealthiest individual — has captured trillionaire status. As of
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