Elon Musk, (c) Reuters
The sharp rise in the net worth of the world’s richest man was driven by the initial public offering of SpaceX, according to Reuters.
However, another publication—The Washington Post— notes that the entrepreneur has become a trillionaire only “on paper.” Musk’s net worth includes options and shares he will receive in the future upon fulfilling certain conditions—launching computer data centers in space and establishing a human settlement on Mars. Excluding these shares, Elon Musk’s assets total just under a trillion dollars.
The day before, SpaceX held an IPO of 555.6 million common shares at a public offering price of $135 per share. The company’s initial valuation was $1.77 trillion.
As a result, SpaceX was able to raise $75 billion in funding. Trading begins on June 12 on the Nasdaq exchange, where the company’s shares will trade under the ticker SPCX.
The company raised a record $75 billion, which is nearly three times more than the previous largest offering—in 2019, Saudi Aramco raised $25.6 billion in its IPO. Other record-holders include Alibaba, SoftBank, and Visa.
