SpaceX IPO Makes Musk World's First Trillionaire
SpaceX went public on June 12 on the Nasdaq stock exchange. It was the largest stock market debut in history.
SpaceX raised $75 billion in its IPO. The company reached a value of about $2.2 trillion on its first day.
Shares jumped by nearly a fifth after the IPO. At one point shares traded 25% above the opening price.
This showed strong interest from buyers. SpaceX founder Elon Musk became the world's first trillionaire as a result. His net worth is now $1.11 trillion according to the Bloomberg rich list.
Klear Note — An IPO is when a private company sells shares to the public for the first time. This lets regular people invest in the company and raises money for growth.
Key Terms 5
- IPO When a company sells shares to the public for the first time
- Nasdaq A major US stock exchange where tech companies are listed
- market capitalization The total value of a company based on its share price
- trillionaire A person whose wealth exceeds one trillion dollars
- Bloomberg rich list A ranking of the world's wealthiest people by Bloomberg news