Elon Musk Officially Becomes World’s First Trillionaire
NEW YORK: Shares of Elon Musk’s SpaceX closed nearly 20 percent higher on its first day of trading on Friday, following the largest initial public offering (IPO) in history.
This has made the controversial entrepreneur the world’s first trillionaire.
The remarkably successful IPO raised more than $75 billion (RM304 billion) and is expected to serve as a catalyst for several major AI company IPOs in the coming months.
The debut on the Nasdaq exchange in New York marked the end of several weeks of investor frenzy over the rocket company, which has now evolved into an AI and satellite conglomerate.
SpaceX shares surged as high as $176 (RM714), or 31 percent above the offer price of $135 (approximately RM547), during its first trading session before closing at $161.50 (RM655).
“SpaceX wants to take you to the moon, Mars, and eventually beyond,” Musk said at a launch event in Starbase, Texas, surrounded by company employees, many of whom became millionaires following the listing.
“I am confident that with the exceptional team we have at SpaceX, we will make this happen for you,” Musk added.
About 100 people gathered outside Nasdaq’s headquarters in New York, while SpaceX also celebrated the historic moment by installing a neon sign in Times Square.
“Musk sets highly futuristic goals that no one else pursues, and I think that excites a lot of people,” said Sarin Sio of Dovetail financial firm, who was present at Nasdaq headquarters.
In a filing with U.S. market regulators on Thursday, the company priced more than 555 million shares at $135 per share, valuing SpaceX at nearly $1.8 trillion (approximately RM7.3 trillion).
Friday’s gain increased SpaceX’s market value to more than $2 trillion (RM8.12 trillion), placing it among the 10 most valuable American companies, surpassing Tesla, Meta (owner of Facebook), and Walmart.
Options for nearly 83 million additional shares could raise the total funds collected to more than $86 billion (RM348 billion).
Co-founded by Musk in 2002, SpaceX began as a rocket startup, later grew into a major satellite operator, and has also incorporated Musk’s AI company, xAI, which includes the social media platform X.
Berita Harian