Elon Musk’s net worth is set to cross $1.1 trillion making him the world’s first trillionaire after SpaceX’s bumper IPO
Technocrat Elon Musk is set to become the world’s first trillionaire as the listing of his rocket company SpaceX could push the richest man’s net worth to over 1.1 trillion, according to a Reuters report. The bulk of his wealth comes from his shares in Tesla and SpaceX; SpaceX’s IPO raised a record $75 billion.
Elon Musk has shares in SpaceX worth approximately $866 billion. Combined with Tesla shares and other properties, his net worth is expected to rise to over $1.1 trillion when the rocket company begins public trading on US markets today, June 12 (Friday). Each said it was calculated based on company filings by the Bloomberg Billionaires Index (BBI), Forbes and Reuters.
Elon Musk: Net worth of the world’s richest person?
At the time of writing this article on June 12 (IST), Bloomberg estimates Elon Musk’s net worth at $971 billion, up $274 billion from the previous day. Last year, its valuation rose by $351 billion; This is more than the net worth of the second richest person, Larry Page ($304 billion).
Meanwhile, the Forbes rich list shows that Elon Musk’s net worth is around $794.6 billion at the time of this writing; That’s up $12.6 billion from the previous trading day (US time) and $501.9 billion more than second-place Larry Page, who’s worth $292.7 billion.
“The second-richest person’s fortune is around $300 billion, less than a third of Musk’s potential value tomorrow. And just one person, (Oracle founder) Larry Ellison, is worth $400 billion,” said Matt Durot, deputy editor of Forbes Wealth.
‘Muskonomy’ or ‘Elon premium’ in focus
While 54-year-old Elon Musk rose to public popularity with his companies Tesla and SpaceX and his subsequent $44 billion acquisition of social media platform Twitter, he has since faced increasing criticism over his “oligarch-like” behavior and involvement in Donald Trump’s administration, according to a Reuters report.
As part of the Trump administration, he took an active role in the Department of Government Efficiency (DOGE), which made several controversial budget and job cuts across federal departments.
The report stated that Elon Musk also attracted attention with his high Tesla payment packages, but his sphere of influence led market observers to label his business network as “Muskonomy” or “Elon premium” and the company values increased due to the associated brand value.
“Just like Tesla, SpaceX is a bet on Elon Musk. A $1.5-2 trillion market cap would certainly throw all traditional valuation methods out the window and instead is best described as an ‘Elon Musk premium,'” Matt Kennedy, senior strategist at Renaissance Capital, told Reuters.
Born in Pretoria (South Africa) to a Canadian mother and a South African father, Elon Musk attended the University of Pennsylvania and graduated in 1997. He took over as CEO of Tesla in 2008 and helped redefine the global automotive industry. Many investors believe it can replicate success in space and artificial intelligence.
Musk has co-founded five companies, including Tesla and SpaceX, as well as tunneling startup The Boring Company and brain implant maker Neuralink.
(With inputs from Reuters)
