SpaceX IPO makes Elon Musk the world’s first trillionaire, but your retirement fund is picking up the tab
TL;DR
SpaceX’s $75 billion IPO made Elon Musk the world’s first trillionaire, with a net worth above $1.1 trillion. But Nasdaq’s fast-tracked index inclusion means retirement savers in passive funds are forced to buy shares in a company that lost $4.94 billion last year, drawing a failed SEC intervention from Senator Elizabeth Warren.
Elon Musk is now worth more than $1 trillion. The SpaceX IPO, which priced 555.6 million shares at $135 each on 12 June, valued the company at roughly $1.77 trillion and pushed Musk past a threshold no individual has ever crossed.
His SpaceX stake alone is worth an estimated $866.5 billion, according to the updated IPO prospectus. Combined with his Tesla holdings and other assets, Forbes and Reuters put his total fortune above $1.1 trillion.
A trillionaire on paper
The milestone comes with a large asterisk. Musk’s wealth is almost entirely tied to his equity...
Copyright of this story solely belongs to thenextweb.com. To see the full text click HERE
