Elon Musk becomes world's first trillionaire as SpaceX debuts on Nasdaq
Elon Musk became the world's first trillionaire on paper after SpaceX opened more than 25% above its IPO price on its Nasdaq debut. The rocket company's market capitalization topped $2 trillion, lifting Musk's estimated net worth to roughly $1.05 trillion. CNBC reported the listing is the largest in Wall Street history.
SpaceX began its first day of Nasdaq trading more than 25% above the reference price, with shares pushing near $150 and lifting the rocket company's market capitalisation above $2 trillion. Musk was reported to hold roughly 42% of the company, which the Bloomberg Billionaires Index showed lifted his estimated net worth to about $1.05 trillion.
CNBC said the IPO is the largest in Wall Street history and generated the heaviest first-day trading volume seen in three years. Goldman Sachs, Morgan Stanley and JPMorgan were named as top-tier underwriting advisers. SpaceX had revised the listing range upward twice citing the cash generation of its Starlink satellite internet unit.
Analysts cautioned that the valuation carries elevated risk for investors. Compiled comments in MarketWatch quoted Wedbush's Dan Ives saying "Starlink has created a new utility layer", while Bernstein analysts said "a $2 trillion multiple is not defensible without a profitability anchor".
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