Elon Musk has become the world’s first trillionaire after SpaceX’s record-breaking Nasdaq debut.

📻 Breaking It Down

NEW YORK, United States, Jun 13 — Elon Musk on Friday became the world’s first trillionaire after shares in his SpaceX rocket company soared during the biggest-ever stock market debut.

The Tesla and SpaceX founder comfortably cemented his status as the world’s richest man, with his total net worth standing at $1.11tn (£828bn) according to the Bloomberg rich list.

It came as the rocket, telecommunications and artificial intelligence (AI) company listed on the Nasdaq stock exchange with a value of $2.2tn.

📌 What You Need to Know

The company said its shares would be offered at $135 each, but trading opened at $150 and briefly reached $176.50 in a show of investor enthusiasm for potential business related to space and companies associated with Musk.

The initial public offering (IPO) of  SpaceX raised $75bn  from investors and underwriters of the deal before shares of the company hit the open stock market on Friday.

Musk’s 42% ownership stakein SpaceX gives him essentially unilateral control over everything it does. He can spend the money being invested however he likes.

According to Bloomberg, his shares in SpaceX were worth $767.1bn at close of trade, and he has another $53.8 in SpaceX options. He also has $168bn in Tesla shares, and a further $116.4bn in Tesla options.

Musk’s status as the world’s first trillionaire immediately sparked debate about wealth inequality. His wealth is now similar to the entire economic output of Poland or Switzerland.

Such unheard of wealth has already turned Musk into a powerful and divisive figure in global politics.

📰 Source: Capital FM Kenya