Elon Musk becomes the world's first trillionaire with SpaceX's IPO [View all]
Source: CBS News
Elon Musk has become the first person to cross the trillionaire threshold, at least on paper, after SpaceX priced its blockbuster initial public offering at $135 a share.
Before the IPO, Musk was worth an estimated $813 billion, a fortune more than twice as large as the planet's second-richest person, Google co-founder Larry Page, who is worth an estimated $288 billion, according to Forbes.
SpaceX formally setting its stock price at $135 boosted Musk's fortune to just over $1 trillion. The shares, which will trade under the ticker symbol "SPCX," are poised to begin trading on Friday after the Nasdaq Composite index opens at 9:30 a.m. If SpaceX rises above $135 per share, Musk's wealth will climb further, though he could fall below the trillionaire threshold if the stock sinks.
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Musk's surging fortune represents a "new Gilded Age" of wealth inequality, Oxfam America senior director of economic justice Nabil Ahmed said in a statement.
"Elon Musk's rise to trillionaire status marks a new pinnacle of oligarchy," Ahmed said.
Read more: https://www.cbsnews.com/news/elon-musk-spacex-ipo-trillionaire-wealth/
Hope it all ends up in the pockets of Epstein’s victims and their families.
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