Elon Musk Becomes World’s First Trillionaire, Dangote Jumps in ranking
- Elon Musk has become the world’s first trillionaire after SpaceX’s IPO pricing pushed his net worth above $1 trillion
- SpaceX shares were priced at $135 each, valuing Musk’s 42% stake in the company at about $648 billion
- The IPO is expected to create thousands of new millionaires among SpaceX employees and investors
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Elon Musk has become the first person in history to surpass a $1 trillion net worth after the initial public offering (IPO) of SpaceX pushed the value of his holdings to record levels.
SpaceX priced its shares at $135 each ahead of its market debut, creating a valuation that lifted Musk’s fortune above the trillion-dollar mark.
Source: UGC
SpaceX IPO pushes up Elon Musk's wealth
Before the IPO, Forbes estimated Musk’s wealth at about $813 billion, already making him the richest person in the world by a significant margin.
The latest milestone puts Musk far ahead of other global billionaires, with Google co-founder Larry Page ranked as the second-richest person with an estimated fortune of about $288 billion.
SpaceX shares are expected to begin trading on the Nasdaq under the ticker symbol “SPCX” on Friday after the market opens at 9:30 a.m. The company’s strong investor demand has highlighted growing confidence in its rocket technology, satellite internet business and artificial intelligence ambitions.
Musk’s fortune could rise further if SpaceX shares trade above the IPO price, although any decline in the company’s stock value could reduce his net worth below the trillion-dollar threshold.
According to SpaceX’s IPO filing, Musk owns about 4.8 billion shares in the company, representing roughly 42% of the business. He also holds 350 million stock options that can be exercised at $8.39 per share.
At the IPO price of $135, Musk’s SpaceX stake is valued at approximately $648 billion, while his stock options add more than $44 billion to his total wealth. The public listing increased the estimated value of his SpaceX holdings by about $192 billion.
The IPO is also expected to create significant wealth for SpaceX employees and investors. Reports indicate that around 4,400 workers could become millionaires once trading begins due to their ownership stakes in the company.
However, Musk remains the biggest beneficiary because of his controlling shareholding position.
Elon Musk's wealth rises
The achievement places Musk’s personal wealth at a level comparable to the economies of some major countries.
Only a limited number of nations have annual gross domestic products exceeding $1 trillion, making the milestone a rare moment in global economic history.
Source: Getty Images
Musk first gained worldwide recognition through Tesla, where he helped drive the growth of electric vehicles, and SpaceX, which transformed the commercial space industry.
He later expanded his business empire with the $44 billion purchase of social media platform X, formerly Twitter, in 2022.
Dangote's wealth rises
Meanwhile, the net worth of Aliko Dangote, Africa's richest man, has increased to $32.5 billion, placing him 68th richest man in the world.
Stock investors’ wealth increases by N2trn in one day
Earlier, Legit.ng reported that the Nigerian stock market All-Share Index (ASI) rose by 1.20% climbing to 144,928.36 points from 143,210.33 points.
As a result, investors' wealth increased by N1.29 trillion, pushing market capitalisation to N92.38 trillion, while the year-to-date return strengthened to 40.81%.
Dangote Cement Plc emerged as the top performer, while Ikeja Hotel Plc led the list of decliners.
Source: Legit.ng
