Elon Musk has become the first person in history to achieve a net worth of $1 trillion, according to Reuters. The American entrepreneur's fortune crossed the threshold on Friday, June 12, following the start of trading in SpaceX's initial public offering (IPO).
However, other publications estimate his capital more modestly. Forbes calculates the world's richest person's wealth at $982.6 billion, while Bloomberg puts it at $971 billion. The bulk of Musk's fortune is tied to SpaceX, where his stake is valued at $866 billion.
"The world's second-richest person [Larry Page] has a fortune fluctuating around $300 billion, which is less than a third of what Musk could potentially own tomorrow," said Matt Duro, deputy editor-in-chief of Forbes Wealth.
The Washington Post notes that SpaceX has put a large block of shares up for sale, which will only be justified if the company's value skyrockets and its most ambitious projects, such as establishing a human colony on Mars, are realized. If these efforts fail, Musk's total assets may not be sufficient to maintain his trillionaire status.
Furthermore, SpaceX has reported significant losses ahead of the IPO, including a $13 billion loss since the beginning of 2023, primarily due to unsuccessful artificial intelligence projects, according to WP.
Earlier, Bloomberg reported that investors had submitted applications to purchase shares in SpaceX's IPO for over $100 billion. The company is expected to allocate at least 20% of its existing shares to this group of investors.
SpaceX's IPO is scheduled for June 12 on the US NASDAQ exchange, with an offering price of $135 per share. It could become the largest in history: the company plans to raise $75 billion, nearly three times the record set by Saudi Aramco in 2019. As a result, the company's valuation could reach $1.75 trillion. If the placement proceeds on these terms, the value of Musk's stake in SpaceX will increase significantly on paper, bringing him closer to the status of the first trillionaire.
Earlier, sovereign wealth funds from Saudi Arabia, Kuwait, and Qatar were reported to have applied to participate in SpaceX's IPO, with total investments amounting to several billion dollars.
Source: www.gazeta.uz