Advertisement 1This advertisement has not loaded yet, but your article continues below. While Elon Musk’s rise to trillionaire is largely due to SpaceX, it was Tesla that initially powered his rise up the ranks of the world’s richest. Photo by Alain JOCARD/AFP via Getty ImagesWe independently select everything we recommend. Buying through us may earn us a commission, which supports our work.Article contentIn a post on the social media platform he owns, Elon Musk recently lamented, “Whoever said ‘money can’t buy happiness’ really knew what
they were talking about.”Sign In or Create an Accountor View more offersArticle contentNow the world’s richest person can put that maxim to an even bigger test as he adds a new title: world’s first trillionaire.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.We apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentSpaceX shares opened at US$150 each, 11 per cent
above their offering price after they began trading in New York on Friday, valuing the rocket and AI-company Musk founded at roughly US$2 trillion. His fortune now stands at the once-unimaginable figure of almost US$1.05 trillion, according to the Bloomberg Billionaires Index. That’s more than three times that of the world’s second-richest person, Google co-founder Larry Page.Article contentArticle contentIt was less than 10 years ago that Bloomberg’s wealth index registered its first fortune of more than US$100 billion — a milestone Musk blew past in
2020. He has since come to dominate the ranks of the world’s richest, first as Tesla Inc. evolved into one of the all-time best performing stocks and later as investors scrambled for a piece of Space Exploration Technologies Corp., as SpaceX is formally known, now among the world’s most valuable companies.Article contentArticle contentTop StoriesGet the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you
don’t see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentA trillion-dollar fortune — roughly equivalent to Switzerland’s gross domestic product — almost defies comprehension. Steve Cohen, who made US$3.4 billion last year as the world’s highest-earning hedge fund manager, would have to earn that amount for almost 300 years before reaching a trillion. Each of Musk’s 14 children would rank 29th
among the world’s richest individuals if they inherited equal shares of his estate.Article content“We’re not talking about generational wealth,” said Dan Walter, an independent pay consultant. “We’re talking about infinite.”Article contentIt’s a watershed moment for Musk, 54, whose wealth has already made him one of the globe’s most powerful and divisive individuals. And he hasn’t hesitated to deploy his fortune in pursuit of his vision: Buying social-media company Twitter in 2022 to defend against “the woke mind virus,” funding an AI chatbot that embraces much
of his worldview and helping propel Donald Trump to a second term in the White House through donations.Article contentArticle contentThe more than US$291 million he spent on the 2024 federal election represents less than 0.03 per cent of his current net worth — the equivalent of a US$291 donation for a millionaire.Article contentRead More How SpaceX’s IPO frenzy compares with previous FOMO investments and how they turned out SpaceX smashes records with $75 billion IPO — now it has to win over the market Advertisement
1Story continues belowThis advertisement has not loaded yet, but your article continues below.Article contentBumpy RoadArticle contentStill, Musk’s journey from billionaire to trillionaire has had its share of hiccups.Article contentHis purchase of Twitter in 2022 led him to sell more than US$15 billion in Tesla shares, helping sink the car company’s stock for what quickly looked like an overpay. The US$56 billion Tesla “moonshot” compensation deal he negotiated in 2018 was struck down by a Delaware judge after some investors filed a lawsuit. And his decision
to join Trump’s Department of Government Efficiency and support for fringe political movements turned off millions of potential customers, shrinking Tesla’s car sales.Article contentArticle contentSomehow, though, Musk skated through. Twitter, later renamed X, saw the value of its data soar from AI demand, and he eventually merged it with xAI, his own artificial intelligence startup. Tesla relocated to Texas from California and last year won an appeal allowing Musk to keep his original pay package, while also awarding him a new deal worth as much
as US$1 trillion if the company meets certain targets. And Tesla’s investors have looked past declining car sales to focus on future offerings like robotaxis and Optimus robots.Advertisement 1This advertisement has not loaded yet.Trending Posthaste: Canada racks up more millionaire households, but in one province that’s no guarantee of financial resilience, says TD News Posthaste: Why the Bank of Canada might be closer than you think to ending its pause on interest rates News Advertisement 2Story continues belowThis advertisement has not loaded yet, but your
article continues below. CRA denies taxpayer’s request for relief from penalties and interest after failing to report all her income Personal Finance B.C. court decision in a remote-work case should put employers on notice Work Jack Mintz: There are reasons Canadians have flocked to Alberta and B.C. FP Comment Advertisement 2AdvertisementThis advertisement has not loaded yet, but your article continues below. Article contentSpaceX SoarsArticle contentWhile Musk’s rise to trillionaire is largely due to SpaceX, the Starbase, Texas-headquartered company he founded in 2002, it was Tesla
that initially powered his rise up the ranks of the world’s richest. Shares of the Austin-based electric-car maker — where Musk remains the largest owner — have gained about 35,000 per cent since the company went public in 2010.Article contentBut SpaceX’s dominance in the orbital launch market, along with the satellite broadband service Starlink it began offering in 2019, attracted growing attention from investors. Valued at about $100 billion in a 2021 investment round, that number had jumped to US$1 trillion by February after Musk
merged it with xAI and social media network X. The combined business — which now holds the record for largest ever initial public offering after raising US$75 billion — makes up more than 70 per cent of his net worth.Article content The Starbase facility near Boca Chica beach in Brownsville, Texas. Photographer: Brandon Bell/Getty ImagesArticle contentMusk’s fortune remains largely on paper with few assets outside of holdings in his own companies, according to Bloomberg’s wealth index. If he were to liquidate a stake in any
of his businesses it could sink their value with his investors.Article contentStill, Tesla and SpaceX have compensation deals to pay Musk, the CEO at both firms, additional equity awards should the companies make a series of ambitious financial and operational milestones. If all the targets are hit the value of both deals combined would be worth roughly US$1.8 trillion.Article contentBloomberg.comArticle contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article content Featured Local Savings
Elon Musk, SpaceX, IPO, trillionaire, Bloomberg Billionaires Index, Tesla, Starlink, X, xAI, Starbase, Larry Page
So basically he bought happiness again.
I don’t even care, but didn’t Tesla start all this? Like I feel like SpaceX is just the new headline. Money can’t buy happiness though right, lol.
Wait, SpaceX IPO shares opened at 150?? That seems fake, I swear I saw a different number somewhere else. Also is this trillionaire thing real or just one of those “paper wealth” deals? Either way, seems like the rich keep getting richer off rockets.
The way this is written, it’s like he’s already happy because he hit a trillion. But money can’t buy happiness… unless it can, apparently. I’m confused how Tesla “powered” it first if SpaceX is what made him trillionaire, like did Tesla not matter anymore? Also what does any of this have to do with regular people and jobs??