NEW YORK (AP) — SpaceX shares shot 23% higher as the rocket maker's shares soared in their debut on Wall Street and made CEO Elon Musk the first-ever trillionaire.
The shares opened at $150 and kept rising, reaching $166.90 around 12:.20 p.m. ET. That price gave the company a market value of $2.18 trillion. Forbes is now estimating Musk's net worth at $1.1 trillion.
Institutional and retail investors jumped at the opportunity to buy 555.6 million shares of SpaceX at the offering price of $135 apiece. The $75 billion in proceeds easily topped the previous record IPO from oil giant Saudi Aramco in 2019.
