Musk’s Fortune Hits $1.32 Trillion After SpaceX IPO Surge
This article first appeared on GuruFocus.
Elon Musk’s paper fortune has surged after SpaceX’s (NASDAQ:SPCX) IPO, with the Bloomberg Billionaires Index valuing him at $1.32 trillion on Tuesday. That marks an almost 90% jump from the $696 billion estimate last Wednesday, just before SpaceX priced its IPO at $135 per share.
The move added about $620 billion to Musk’s wealth over four trading days, the largest gain ever recorded by Bloomberg’s wealth index. That increase was larger than the combined fortunes of every ranked billionaire in Latin America or the Middle East, about six times Bill Gates (Trades, Portfolio)’ net worth, and slightly above Norway’s GDP.
Most of the gain came from Musk’s SpaceX stake, as the rocket and artificial intelligence company now represents nearly three-quarters of his total wealth. SpaceX shares have climbed nearly 50% since the IPO and overtaken Amazon.com (NASDAQ:AMZN) in market value, though Bloomberg noted that much of Musk’s fortune remains on paper and could be difficult to liquidate without possibly weighing on the value of his businesses.
