Elon Musk becomes world's first trillionaire
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Elon Musk is the world's first ever trillionaire after the initial public offering (IPO) of SpaceX. The IPO added nearly $870 billion to his wealth. In addition, he has also amassed $290 billion from Tesla. He also has eye-watering equity in X and other companies. Mr Musk is now worth more than the world's next four richest people combined. Most of Musk's incredible wealth is tied up in stocks across his business ventures, rather than in cash. SpaceX's IPO was the largest in history. It raised $75 billion. It beat the previous record of $29.4 billion set by the oil company Aramco in 2019.
Entrepreneur Elon Musk made his initial fortune by helping to create PayPal. He used money from this to start SpaceX in 2002, and invest in Tesla. SpaceX now dominates the space travel industry. It accounted for more than half of all rocket launches last year. It also has 10,000 Starlink satellites in orbit. Musk's hope is to "make life multiplanetary". At the IPO, he said: "Whoever you are watching this, SpaceX wants to be able to take you to the Moon, take you to Mars, and ultimately beyond." He added: "Not just a few astronauts, I mean literally you."
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