Elon Musk’s fortune rockets to $1.3 trillion as SpaceX share price soars
· The South African
The fortune of South Africa-born entrepreneur Elon Musk has climbed to a record $1.3 trillion after a powerful rally in SpaceX shares added nearly $165 billion to his wealth in 24 hours.
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Shares of SpaceX surged almost 20% on Monday, closing above $192 and building on the company’s strong market debut last week.
Strong investor appetite
According to Forbes, the latest gains followed a 19% jump on the stock’s first day of trading, underscoring strong investor appetite for the aerospace giant.
The rally boosted Elon Musk’s net worth by an estimated $164.8 billion, widening his lead at the top of the global rich list.
His fortune now stands at approximately $1.3 trillion, placing him nearly $1 trillion ahead of Google co-founder Larry Page, whose wealth is estimated at $301.4 billion.
Elon Musk’s wealth is largely tied to his holdings in SpaceX.
He owns approximately 4.8 billion shares in the company and holds an additional 350 million stock options with an exercise price of $8.40 per share.
Together, those holdings represent a stake of roughly 38% in the company.
Total proceeds
SpaceX also revealed that it raised $85.7 billion through its initial public offering after underwriters exercised an option to purchase an additional 83.3 million shares to meet investor demand.
The move increased the total proceeds from the offering beyond the initial $75 billion target.
Investor interest in the listing was unprecedented.
Reports suggest the IPO attracted more than $350 billion in demand, including approximately $100 billion from retail investors and $250 billion from institutional buyers.
The company’s successful market debut has already rewritten the record books.
Remarkable pace
Elon Musk’s wealth has grown at a remarkable pace over the past year.
He became the first person to surpass the $500 billion mark in October, reached $600 billion in December and crossed $700 billion just days later.
The latest SpaceX rally has now pushed his fortune to an unprecedented $1.3 trillion.
The milestone further cements Musk’s status as the world’s richest person and highlights the extraordinary investor confidence surrounding SpaceX’s future growth prospects.