Topline
Elon Musk’s fortune swelled above $1.4 trillion on Tuesday as SpaceX shares extended a rally in their second full trading day, ranking Musk’s rocket maker ahead of Amazon as the world’s fifth-largest company by market value.
Shares of Elon Musk’s rocket maker have soared by more than 30% since their trading debut.
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Key Facts
Shares of SpaceX rallied by just over 12% shortly after trading opened on Tuesday, raising its market value to about $2.8 trillion and ranking it ahead of Amazon ($2.6 trillion) as the fifth-largest company.
A further boost to SpaceX’s stock marks a nearly 35% rally since its IPO on Friday, when shares closed up 19%, and a 19.5% surge on Monday.
The latest increase in SpaceX shares added $119.1 to Musk’s net worth, valued at about $1.4 trillion, ranking him more than $1 trillion ahead of Google cofounder Larry Page ($300.7 billion), who Forbes ranks as the world’s second-richest person.
Musk holds 4.8 billion SpaceX shares, bringing his stake to about 38%, with an additional 350 million stock options with an exercise price of $8.40 per share.
what to watch for
SpaceX may soon challenge Microsoft as the fourth-largest company, falling behind the software giant’s market value of $2.92 trillion. Apple is the next largest with a market capitalization of $4.3 trillion, followed by Alphabet at $4.4 trillion. Both trail Nvidia at $5 trillion.
This is a developing story.