NEW YORK (AP) — Elon Musk became the world's first trillionaire after shares of his rocket company SpaceX soared in Wall Street's biggest initial public offering of stock.
Shares in SpaceX jumped 24% after opening for trading at noon Friday, a sign that investors are looking past the billions the company is losing and instead betting that its massive investments in satellites, orbital data centers and artificial intelligence will pay off in the future.
SpaceX opened at $150 a share, then jumped to around $168 around 2:.20 p.m. ET. That price gave the company a market value of $2.2 trillion. Musk, who also is a major shareholder and the CEO of Tesla, is now worth an estimated $1.2 trillion, according to Forbes.
