Elon Musk is on course to become the world's first trillionaire after SpaceX announced plans to raise up to $75 billion in its initial public offering this month. The offering, which would be the largest in stock market history, sets the stage for extraordinary wealth accumulation for the tech mogul.
Details of the IPO
SpaceX, formally known as Space Exploration Technologies Corp, revealed on Wednesday that it will sell 555.6 million shares at a price of $135 each. This move would give the company a market valuation of approximately $1.77 trillion. To put this into perspective, only six companies in the S&P 500 currently boast a higher market cap, with Nvidia leading at $5.2 trillion.
Musk's Stake and Voting Power
Elon Musk, who already ranks among the world's wealthiest individuals, will not sell any of his shares in this offering. Following the IPO, he is expected to retain 82.4% of the voting power in SpaceX. According to Forbes, Musk's current net worth is estimated at $825 billion, with his stake in SpaceX valued at $542 billion. The IPO could significantly boost his wealth, potentially making him the first person to achieve trillionaire status.
In addition to leading SpaceX, Musk also serves as the CEO of Tesla, the electric car manufacturer. His multifaceted business empire continues to expand, with SpaceX's public listing marking a major milestone. The Associated Press contributed reporting. More details will follow as the story develops.
