Finally, Some Good News for Billionaire Elon Musk As He’s Set To Become The World’s First Trillionaire
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Just when you thought you were doing well because your crypto wallet didn’t totally tank this morning, Elon Musk is about to make everyone else look like they are working for pocket change. Get ready to welcome the world’s very first trillionaire, courtesy of a casual little event called the SpaceX initial public offering.
According to a fresh regulatory filing, SpaceX is officially heading to the Nasdaq on June 12th under the ticker SPCX. The rocket company is aiming to scoop up a cool $75 billion in proceeds by offering a set price of $135 a share. Because when you’re launching giant metal tubes into orbit, who needs a standard price range anyway?
To the moon? More like straight to the bank
At that $135 IPO price, Musk’s 42% equity stake in the company is going to be worth an eye-watering $866.5 billion on paper. Combine that with his $301 billion worth of Tesla stock, and his holdings in just those two companies will hit roughly $1.168 trillion.
The math wizards over at Bloomberg are keeping things conservative due to share lock-ups, pinning his technical net worth at around $988 billion right at the launch. But let’s be honest: the second the opening bell rings on June 12th, and people start buying up shares, he’s blasting straight past the trillion-dollar mark.
Want some of Elon’s billions? Read our article on how to get some!
Who cares about the cash burn anyway?
Now, the boring corporate governance nerds are already pointing out some red flags.
SpaceX has actually been running annual losses because building massive Starship rockets and running xAI data centers like “Colossus” costs a pretty penny. Plus, Elon’s dual-class share setup gives him a massive 82% of the voting power, meaning he basically controls the whole ship.
But investors are completely looking past the cash burn because, well, it’s SpaceX and they want a piece of Starlink’s massive satellite internet revenue.
So, while we are all out here waiting for our favorite memecoins to finally hit $0.01 and reading this article, Elon is out here casually planning his trillionaire victory lap. So who’s really winning, eh?
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