On Friday, June 12, Elon Musk became the world's first trillionaire when SpaceX launched its initial public offering, a milestone that pushed his personal wealth past a threshold no human has ever reached, Reuters reported.
SpaceX IPO Triggers Historic Wealth Surge
The trigger for all of this was the SpaceX IPO, which had been building for months. SpaceX priced its IPO at $135 per share, raising approximately $75 billion and valuing the company at roughly $1.77 trillion. Social media erupted. "SpaceX IPO will create 4,400 new Millionaires, from engineers to Cafeteria workers. God bless Capitalism," posted skscartoon, which Musk reposted.
Critics Question the Meaning of Such Wealth
Critics were louder and angrier. The argument wasn't really about SpaceX or the IPO mechanics. It was about what a number that large means when most people can't cover an unexpected $500 expense. 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. People who've watched Tesla's consumer boycotts over the last year, and who followed the fallout from DOGE, had a lot to say.
Comparison Posts Go Viral
What really spread online weren't the stock charts. These were the comparison posts. The economies of Taiwan ($977 billion), Ireland ($779 billion), Sweden ($760 billion), and Singapore ($660 billion) would all fall short of what Musk is now worth on paper. One person's net worth, larger than the entire economic output of most nations on Earth. Forbes pegged Musk's net worth at roughly $780 billion before the share sale, far ahead of the second richest person, Larry Page. After the IPO, his total net worth exceeded $1.1 trillion.
Musk's Online Reactions
Musk himself was, characteristically, already online when the IPO went live. Back in February, when someone on X pushed back on the idea that his wealth helped others, he replied: "Already have thousands of times over. My 'net worth' is almost entirely due to my ownership stakes in Tesla and SpaceX. I have less than 0.1% that is cash." And when AOC called him a "billionaire conman" during a congressional hearing earlier this year, he responded on X by simply correcting her: "*trillionaire." He'd already seen this coming.
About SpaceX IPO
SpaceX priced its IPO at $135 per share on the Nasdaq, raising approximately $75 billion and landing a total valuation of $1.77 trillion, which makes it the largest IPO in history, surpassing Saudi Aramco's 2019 debut. The company sold a record-breaking 555,555,555 shares. In a video conference on X, Musk told JPMorgan CEO Jamie Dimon that people had suggested for the last 10 years that he take SpaceX public. He's doing it now because the company plans to put 100,000 next-generation Starlink satellites into orbit and needs capital for space-based AI data centres.
