Elon Musk's wealth hits $1.11 trillion following SpaceX IPO
Following SpaceX's record-breaking IPO, it has been reported that Elon Musk's net worth has reached $1.11 trillion.
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Elon Musk, owner of companies such as Tesla, SpaceX, and X, has crossed a new threshold in wealth rankings following the SpaceX IPO. According to the Bloomberg Billionaires Index, Musk's net worth has reached $1.11 trillion.
The SpaceX IPO, which took place on Friday, June 12, went down in history as one of the most notable public offerings due to its scale. While the IPO price for company shares was announced at $135, the stock saw a strong rally after it began trading.
According to data from the source, SpaceX shares climbed as high as $210. With this increase, the company's market value reached $2.10 trillion, and the value of the SpaceX shares Musk held during the IPO also rose rapidly.
RECORD WEALTH GAP
The increase in Musk's wealth has moved him far ahead at the top of the billionaire list. Larry Page, seen as his closest follower on the Bloomberg Billionaires Index, had a net worth of $306 billion. Thus, the gap between Musk and Page exceeded approximately $700 billion.
At the top of the list, Sergey Brin followed Musk with $285 billion, Jeff Bezos with $260 billion, and Larry Ellison with $238 billion. Michael Dell, Mark Zuckerberg, Bernard Arnault, Jensen Huang, and Jim Walton were the other names in the top 10.
The jump in Musk's wealth is largely based on the appreciation of SpaceX shares. For this reason, the record is considered a "paper wealth" calculation that could change depending on the company's market value and stock performance.