Elon Musk becomes world's first trillionaire as SpaceX soars in stock market debut

1 day agoShareSaveAdd as preferred on Google Archie Mitchell, Business reporterand Kali Hays, Technology reporter Reuters 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. 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. SpaceX shares closed on Friday at about $161. 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 stake in 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. Wealth boost sparks debate Reuters 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. He gave hundreds of millions of dollars to the re-election campaign of US President Donald Trump after criticising the country's leadership, and for several months last year, Musk led the Department for Government Efficiency (Doge). Through drastic cuts to government spending, Musk was responsible for the closure of the US Agency for International Development (USAID). Such cuts could cause more than 14 million additional deaths by 2030, according to a warning published . He has also criticised leadership in the UK and elsewhere, often on topics of immigration and promoting of racial divisions. Musk has repeatedly clashed with UK Prime Minister Sir Keir Starmer, including over the murder of 18-year-old British student Henry Nowak. Democratic US senators Bernie Sanders and Elizabeth Warren were among a slew of politicians to condemn the trillionaire milestone. Warren said it should be a "wake up call" and argued it underlines the need for wealth taxes.