SpaceX Shares Soar on Stock Market Debut
SpaceX began trading on the Nasdaq stock market on Friday. The company raised $75 billion through its stock launch.
This was the largest stock launch in history. Shares opened at $150 and gained about 30% on the first day.
SpaceX's total value topped $2 trillion after the strong debut. As a result Elon Musk became the world's first trillionaire.
His net worth reached an estimated $1.1 trillion. Musk rang the Nasdaq opening bell from SpaceX's base in Texas.
Klear Note — SpaceX is a rocket and spacecraft company founded by Elon Musk. Going public means selling shares so regular people can own part of the company.
Key Terms 4
- Nasdaq A major US stock market where technology companies are listed
- stock launch When a private company first sells shares to the public
- trillionaire A person whose wealth exceeds one trillion dollars
- market cap The total value of all a company's shares combined