SpaceX shares jump 23% in market debut; Elon Musk becomes first trillionaire
By
Bernard Condon
Crisped on the outside, thoughtful enough on the inside.
Summary
SpaceX shares surged 23% in their Wall Street debut, reaching $166.90 and giving the company a $2.18 trillion market value. The IPO raised $75 billion, topping the previous record held by Saudi Aramco. Elon Musk became the world's first trillionaire, with Forbes estimating his net worth at $1.1 trillion. Musk stated the company went public to fund ambitious projects including satellites, space-based data centers, and establishing a Mars colony.
Key quotes
· 4 pulledShares of SpaceX soared 23% in their Wall Street debut on Friday, making the rocket maker's CEO Elon Musk the first-ever trillionaire.
Forbes is now estimating Musk's net worth at $1.1 trillion.
Musk says the company is going public because it needs money to fund its ambitions of putting satellites and data centers in space and eventually establishing a colony of people on Mars.
The $75 billion in proceeds from the IPO top the previous high of $26 billion for Saudi Aramco's IPO in 2019.
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