Elon Musk trillionaire status came after a run of market moves that pushed his net worth past a reported $1.1 trillion, according to the Bloomberg Billionaires Index, as SpaceX shares rose sharply in their first day of trading.
Shares of SpaceX climbed 19 percent to $160.95 on their first day, valuing the rocket and AI company at about $2.2 trillion, as reported by Bloomberg. Another report noted SpaceX stock initially traded at $150 per share, above an initial offering of $135.
The Bloomberg Billionaires Index placed Musk’s personal fortune at roughly $1.1 trillion, more than three times that of the next richest person, Google co founder Larry Page, according to the same reporting. That ranking reflects holdings concentrated largely in Musk’s own companies and paper gains tied to their listed values.
SpaceX’s rise followed years of investor interest after the company moved from a roughly $100 billion valuation in 2021 to about $1 trillion by February, a jump Bloomberg attributed to mergers with xAI and the social network X. The combined business raised about $75 billion in what the reporting called the largest ever initial public offering, and it now accounts for more than 70 percent of Musk’s net worth.
Reactions And Wider Context
New York City Mayor Zohran Mamdani publicly responded to Musk’s milestone on the social platform X by writing, "Reason #1,000,000,000,000 why we should tax the rich," tying the event to his progressive tax agenda and recent local policies aimed at wealthy property owners.
Mamdani has said he and Musk share goals around efficiency and reducing waste, and he has launched a Commission on Government Efficiency, framed in the reporting as a city analogue to the Musk led DOGE office at the White House. The mayoral coverage also noted Musk criticized Mamdani and backed his mayoral challenger, Governor Andrew Cuomo, in last year’s New York race.
The Bloomberg profile traced Musk’s path to immense wealth through Tesla and SpaceX and summarized setbacks he faced, including Tesla share sales after buying Twitter and legal disputes over compensation packages. Bloomberg also flagged Musk’s political spending, noting he spent more than $291 million on the 2024 federal election, an amount the report described as a tiny fraction of his current net worth.
The coverage cautioned that much of Musk’s fortune remains on paper and that selling stakes could affect company values, while noting mechanisms exist to deliver further equity awards to Musk if Tesla and SpaceX meet ambitious operational targets, adding potential future upside to his holdings.
