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Elon Musk becomes world's first trillionaire as SpaceX soars in stock market debut
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9 minutes agoArchie Mitchell,Business reporterandKali Hays,Technology reporterReutersElon Musk on Friday became the world's first trillionaire after shares in his SpaceX rocket company soared during the biggest-ever stock market debut.The Tesla and SpaceX founder comfortably cemented his status as the world's richest man, with his total net worth standing at $1.11tn (£828bn) according to the Bloomberg rich list.It came as the rocket, telecommunications and artificial intelligence (AI) company listed on the Nasdaq stock exchange with a value of $2.2tn.The company said its shares would be offered at $135 each, but trading opened at $150 and briefly reached $176.50 in a show of investor enthusiasm for potential business related to space and companies associated with Musk.SpaceX shares closed on Friday at about $161. The initial public offering (IPO) of SpaceX raised $75bn from investors and underwriters of the deal before shares of the company hit the open stock market on Friday.Musk's 42% ownership stake in SpaceX gives him essentially unilateral control over everything it does. He can spend the money being invested however he likes.According to Bloomberg his shares in SpaceX were worth $767.1bn at close of trade, and he has another $53.8 in SpaceX options. He also has $168bn in Tesla shares, and a further $116.4bn in Tesla options.World's first trillionaireMusk's status as the world's first trillionaire immediately sparked debate about wealth inequality. His wealth is now similar to the entire economic output of Poland or Switzerland.Such unheard of wealth has already turned Musk into a powerful and divisive figure in global politics.He gave hundreds of millions of dollars to the re-election campaign of US President Donald Trump after criticising the country's leadership, and for several months last year, Musk led the Department for Government Efficiency (Doge).Through drastic cuts to government spending, Musk was responsible for the closure of the US Agency for International Development (USAID). Such cuts could cause more than 14 million additional deaths by 2030, according to a warning published by researchers in the Lancet medical journal. He has also criticised leadership in the UK and elsewhere, often on topics of immigration and promoting of racial divisions.Musk has repeatedly clashed with UK Prime Minister Sir Keir Starmer, including over the murder of 18-year-old British student Henry Nowak.Democratic US senators Bernie Sanders and Elizabeth Warren were among a slew of politicians to condemn the thrillionaire milestone. Warren said it should be a "wake up call" and argued it underlines the need for wealth taxes.However, Musk is a trillionaire only on paper, as it is almost entirely tied to the value of his stockholdings in Tesla and Now SpaceX. He is unable to sell any of his SpaceX stock for at least a year.SpaceX's public listing is also expected to have made millionaires of more than 4,400 of its current and former staff through the shares in the company they had been given as part of their pay.SpaceX's valuation is largely based on optimism about its potential future earnings, as opposed to financial results it has demonstrated so far.It is currently not profitable, meaning it loses more money from its operations than it makes.The company lost more than $9bn in 2025 and 2026 so far, according to its financial filings, due to its huge spending on AI and other infrastructure investment.The biggest focus of its business is the manufacture and launch of rockets with reusable parts.SpaceX also manufactures and launches Starlink internet satellites, and through this year's acquisition of xAI, another company Musk owned and operated, SpaceX entered into the AI business, too.SpaceX has said it will use the money to "fuel its growth strategy" around rockets, satellites for its growing Starlink internet service, and AI, including speculative plans to build data centres in orbit.Nancy Tengler, who heads Laffer Tengler Investm
Now, more than two decades later, the company is about to make its public market debut, with an estimated worth of more than $1.8 trillion.The BBC's Michelle Fleury spoke to Mueller about Musk's vision.Just now
The AI boom is ‘wreaking havoc’ on communities across the US by subjecting residents to near-constant noise and vibrations, the lawsuit said.Elon Musk’s xAI and SpaceX have been sued by Mississippi residents who say a power plant fuelling nearby data centres is blasting “omnipresent and inescapable” noise that has eroded their health and home values.The lawsuit, made public on Tuesday in federal court in Oxford, Mississippi, claims Musk’s companies negligently failed to curb the disturbance and created a public nuisance through excessive and offensive noise. Three residents filed the case on behalf of a class estimated at more than 10,000 members.Recommended Stories list of 4 itemslist 1 of 4New video of great white shark in Mediterranean goes virallist 2 of 4World Cup opening ceremony: Who’s performing, when it starts, how to watchlist 3 of 4Mexico prepares for World Cup opening match amid protestslist 4 of 4Canada confirms opening of Gordie Howe Bridge, despite Trump’s threatsend of list“The artificial intelligence [AI] boom is wreaking havoc on communities across the United States” by subjecting thousands of residents to near-constant noise and vibrations, the lawsuit said.The plaintiffs are seeking damages for alleged emotional distress, reduced property values and other harms, as well as disgorgement of an unspecified amount in profits.SpaceX and xAI did not immediately respond to requests for comment from the Reuters news agency. MZX Tech, an xAI subsidiary, was also named as a defendant. Musk is not a defendant.A lawyer for the plaintiffs, Robert Wiygul, said in a statement, “Our homes are supposed to be a sanctuary for us against the world.” However, he added, “When they are invaded by noise 24 hours a day, it takes that fundamental peace of a good and decent life away from us.”More than $20bn was invested by xAI to build the plant at Southaven with the backing of Mississippi Governor Tate Reeves. Gas-fired turbines at Southaven power data centres in and around Southaven, the lawsuit said.The civil rights group NAACP in April sued xAI over the plant and centres, accusing the company of violating US environmental rules. The lawsuit is pending.The US Department of Justice signalled in a court filing last month that it may intervene in the NAACP case, saying the dispute raises legal and policy questions around the government’s role in AI infrastructure.
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