Elon Musk Becomes History’s First Trillionaire After SpaceX Shares Surge

Elon Musk became the first person in history to be labeled a trillionaire on Friday, after SpaceX shares jumped more than 19% on their first day of trading. The stock opened at $150 and ended the session at $161, following the company’s public listing and a sharp rise in its market value.

Bloomberg reported that Musk’s SpaceX stake was worth $767.1 billion at the close of trading. The report also said he held $53.8 billion in SpaceX options, along with $168 billion in Tesla shares and $116.4 billion in Tesla options. Based on those holdings, his wealth was described as roughly equal to the annual economic output of countries such as Switzerland and Poland.

Musk also owns Tesla and the social network X, formerly Twitter. SpaceX’s rapid growth has been driven in part by Starlink, its satellite internet service, which now serves millions of subscribers around the world.

The rise in Musk’s fortune drew criticism from U.S. politicians. Democratic senators Bernie Sanders and Elizabeth Warren were among those who condemned the concentration of wealth in one person’s hands. Warren said, “This should be a wake-up call. It highlights the need for a wealth tax.”