Elon Musk has become the first person to cross the trillionaire threshold, at least on paper, after SpaceX priced its blockbuster initial public offering at $135 a share and its stock soared in its stock market debut.
Before the IPO, Musk was worth an estimated $813 billion, a fortune more than twice as large as the planet’s second-richest person, Google co-founder Larry Page, who is worth an estimated $288 billion, according to Forbes.
“SpaceX wants to be able to take you to the Moon, take you to Mars and ultimately beyond,” Musk said at a launch event with staffers on Friday at the company’s headquarters in Starbase, Texas.
SpaceX formally setting its stock price at $135 boosted Musk’s fortune to just over $1 trillion. The shares, which trade under the ticker symbol SPCX, jumped after they began trading shortly before noon ET. At its closing price of $160.95 on Friday, Musk’s net worth reached roughly $1.14 trillion, although future declines could push him back below the trillionaire mark.
