Well, that’s a fun ride, isn’t it?
SpaceX, which is controlled by Elon Musk, went public on June 12 at a stratospheric valuation that made Musk the first trillionaire in history
He retained that status, according to Bloomberg’s billionaires index, for 11 days after the initial public offering, or until the stock price drifted back to Earth and Musk’s fortune fell to as low as $942 billion, by Bloomberg’s reckoning. On Monday and Tuesday, his fortune crept back to a hair above $1 trillion as SpaceX gained 11.5% and and Tesla, Musk’s other public company, gained 10.8%. These are the core of his net worth, which Bloomberg put at $1.01 trillion Monday and Tuesday.
You only set up an IPO like this to enable insiders to dump their stakes. Musk critic will Lockett Yet the tsunami of publicity about Musk’s trillionaireship dodges an important question: Has he ever really been a trillionaire? The answer, if one examines the basis for the claim, is no.