Topline
Elon Musk’s fortune increased nearly $165 billion Monday, reaching a record high $1.3 trillion after SpaceX surged 20% in its first full trading day after the company’s historic IPO.
The world’s richest person became the first trillionaire after SpaceX’s trading debut.
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Key Facts
Shares of SpaceX surged more than 19.5% on Monday, closing at more than $192 and extending Friday’s opening rally of 19%, while Tesla shares also rose slightly (1.2%).
A further boost in SpaceX shares contributed to a $164.8 billion boost to Musk’s net worth, valued at a record $1.3 trillion, putting him roughly $1 trillion clear of Google cofounder Larry Page ($301.4 billion), who Forbes ranks as the world’s second-wealthiest person.
Musk owns 4.8 billion SpaceX shares and an additional 350 million stock options with an exercise price of $8.40 per share, bringing his stake to about 38%.
big number
$85.7 billion. That’s how much SpaceX raised in its IPO, the company said Monday. That came after the brokers behind the offering purchased an additional 83.3 million shares to accommodate stronger investor demand following SpaceX’s initial $75 billion raise. The initial public offering reportedly brought in more than $350 billion, including roughly $100 billion from retail traders and the remaining $250 billion from institutional investors.
key background
SpaceX’s trading debut last week swelled Musk’s stake in the company to about $821 billion, making him the world’s first trillionaire, with a net worth of $1.1 trillion. His fortune has soared ahead of the trillion-dollar milestone and is the latest of many over the last year, after Musk in October became the first person to be valued at $500 billion in October, then hit $600 billion in December and $700 billion just four days later.