Washington, United States. Elon Musk’s net worth is set to exceed $1.1 trillion after SpaceX raised a record $75 billion in its initial public offering on Thursday, according to Reuters calculations based on company filings. The milestone highlights continued investor support for Musk’s businesses despite criticism over his political interventions, company governance and concentration of power.
Wealth milestone after SpaceX share sale
Before the share sale, Forbes estimated Musk’s net worth at about $780 billion, placing him far ahead of Alphabet co-founder Larry Page, the next richest person listed in the article. Reuters calculations based on company filings said Musk’s wealth will surpass $1.1 trillion when SpaceX stock begins trading Friday, including stock components that would vest over time.
Matt Durot, deputy editor at Forbes Wealth, said the second richest person has been hovering around $300 billion, less than one-third of what Musk could be worth. He added that only one other person, Oracle founder Larry Ellison, has ever been worth $400 billion.
SpaceX and Tesla at the center of Musk’s empire
Most of Musk’s wealth now rests with SpaceX, where he holds a stake worth about $866 billion. SpaceX, described in the article as a rocket, satellite and AI company, together with electric-car maker Tesla, forms the core of his business empire.
Musk became widely known through Tesla and SpaceX before expanding his influence with the $44 billion acquisition of social media platform Twitter in 2022. That purchase gave him a direct channel to hundreds of millions of users and increased his visibility on issues including politics, immigration, government spending and free speech.
Public profile and criticism
Musk has become a central figure in internet culture and remains one of the few business leaders deeply embedded in popular culture. The article said he has retained a loyal following despite rising concern about inequality and more negative public attitudes toward the ultra-wealthy.
Supporters see Musk’s unfiltered style as part of his appeal. Critics, however, have accused him of wielding oligarch-like power, questioned governance at his companies and objected to his increasingly partisan political interventions.
Political involvement and Tesla sales pressure
His move into politics, particularly his role in U.S. President Donald Trump’s Department of Government Efficiency last year, has been among his most contentious activities. The political fallout coincided with weakening Tesla sales in several international markets in 2025 as protests and consumer boycotts targeted the electric vehicle maker.
Background and role at Tesla
Musk, 54, was born in Pretoria, South Africa, to a Canadian mother and a South African father. He attended the University of Pennsylvania and graduated in 1997.
He became Tesla’s chief executive in 2008 with the view that electric vehicles could combine high performance with software-driven features. According to the article, some auto-industry observers say Tesla’s success, and its market capitalization above $1 trillion, helped push traditional automakers toward electric vehicles.