Elon Musk just became the world’s first-ever trillionaire.
The accomplishment came on Friday, June 12, moments after Musk’s company SpaceX hit the stock market. Shares for the aerospace brand were initially listed at $135 but began trading at $150 instead.
SpaceX’s stock increased after trading began. The value rose to $168.75 a share and was then traded at $158 a share. It rebounded again and reached $176.52. SpaceX raised $75 billion which valued the company around a record $1.77 trillion total.
From that, Musk, 54, earned an estimated $690 billion. In addition to his stake in SpaceX, the tech founder has the value of Tesla, as well as other investments and assets. His net worth is now estimated around $1.1 trillion.
“Let me tell you, if people had told me that this was gonna happen, I was like, ‘Man you must be smoking some really good crack because I think this company is going to fail.’ I gave SpaceX less than a 10 percent chance of succeeding at all to be clear,” Musk said while attending the trading ceremony. “In fact, I told people we’re probably gonna fail but [we] should give it a try because if there’s not a new company that enters space we will never be a truly space bearing civilization.”
Musk founded SpaceX in 2002 with the hopes of decreasing the costs of space launches and traveling to Mars to establish a potential self-sustaining colony.
The businessman added on Friday that he was inspired to create SpaceX to “make the exciting science fiction futures that we’ve read about real.”
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“That’s what SpaceX is all about — to take the fiction out of science fiction and to create an exciting, inspiring future for everyone,” Musk continued. “We want to take anyone who wants to go to the moon. Anyone who wants to go to Mars or anywhere in the solar system and maybe beyond the solar system at some point. We want to be able to take you there.”
While they haven’t made it to Mars yet, SpaceX has made advances in rocket propulsion, reusable launch vehicles, human spaceflight and satellite technology. SpaceX currently conducts more orbital launches annually than any other launch provider in the world. The brand is a crucial contractor for NASA and the United States Armed Forces.
Starlink, which is a satellite internet constellation, is a subsidiary of SpaceX. Starlink provides Internet service in 160 countries as well as in-flight internet access for numerous airlines. The brand has generated a good portion of SpaceX’s profits as it has earned $11.4 billion in revenue.
