SpaceX shares surge 19% in IPO debut, making Elon Musk the world's first trillionaire
By
Associated Press
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Summary
Elon Musk became the world's first trillionaire after SpaceX shares surged more than 19% in its initial public offering, opening at $150 and closing near $161, giving the company a market value of $1.96 trillion. Despite significant losses, investors are betting on SpaceX's future in satellites, orbital data centers, and artificial intelligence.
Key quotes
· 3 pulledElon Musk became the world's first trillionaire after shares of his rocket company SpaceX soared in Wall Street's biggest initial public offering of stock.
Shares in SpaceX jumped more than 19% after opening for trading at noon Friday, a sign that investors are looking past the billions the company is losing and instead betting that its massive investments in satellites, orbital data centers and artificial intelligence will pay off in the future.
SpaceX opened at $150 a share, then rose to around $168, before finishing the day just below $161.
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