SpaceX IPO makes Elon Musk the world's first trillionaire
Why this matters: local context for readers following news across Pakistan and the region.
Few business leaders have been as deeply embedded in popular culture as Elon Musk, the ambitious entrepreneur who has become a central figure in internet culture and amassed a fortune that has made him the world’s first trillionaire. At a time when concerns about inequality are high and public attitudes toward the ultra-wealthy have soured, Musk has managed to retain a loyal following despite his stratospheric net worth and without the folksy persona that endeared other tycoons such as Warren Buffett to the masses. While admirers view Musk’s no-filter style as part of his appeal, critics have accused him of wielding oligarch-like power, raised concerns about governance at his companies and objected to his increasingly partisan political interventions. Still, SpaceX, the sprawling rocket, satellite and AI company that, together with electric-car maker Tesla, forms the centre of Musk’s empire, raised a record $75 billion in its initial public offering (IPO) on Thursday, highlighting investor enthusiasm for his business ventures. SpaceX IPO sale SpaceX priced the biggest-ever US IPO at $135 per share, making Elon Musk’s rocket and spacecraft manufacturer one of the world’s most valuable companies. The IPO raised a record $75bn on the sale of 555.56 million shares, valuing the space, satellite and AI provider at $1.77 trillion, a record for an initial offering. Thursday’*s pricing caps off a months-long effort that realised Musk’s most ambitious project yet even as he stood a handful of financial traditions on their heads, and as some analysts question whether its lofty valuation is justified. SpaceX will rank seventh among US-listed firms when its shares begin trading on the Nasdaq on Friday, though it lost money last year and other mega-caps far outpace its revenue. Elon Musk’s net worth Prior to the share sale, Forbes pegged his net worth at roughly $780bn, far ahead of the man next in line, Alphabet co-founder Larry Page. “The second richest person has been hovering