Elon Musk poised to become world's first trillionaire after SpaceX IPO

Elon Musk, the controversial tech mogul, is on the verge of making history as the world's first trillionaire when SpaceX launches its initial public offering (IPO) on Friday. According to the Bloomberg Billionaire Index, Musk was already the wealthiest person on Earth with a fortune of approximately $696 billion before SpaceX announced its record-breaking IPO on Thursday. However, his 42% stake in the rocket-and-AI company will catapult him into uncharted financial territory.

SpaceX will begin trading on the Nasdaq at a valuation of $1.77 trillion, with 555.6 million shares priced at $135 each. Estimates of Musk's stake range from $743 billion to $866.5 billion. If all proceeds smoothly, Musk will officially cement his trillionaire status before markets close on Friday. To put $1 trillion into perspective, if Musk spent $1 million every day, it would take him 2,740 years to deplete that sum, according to UK charity Oxfam.

Compared to his peers, Musk will be more than three times richer than Google co-founder Larry Page, who ranks second with a fortune of $304 billion. Historically, Musk's wealth will represent about 3% of U.S. GDP, surpassing Gilded Age magnates like John D. Rockefeller, whose wealth at death was about 1.5% of GDP. Economic historians suggest Musk may be the richest person ever, excluding emperors or rulers.

Unlike the 19th-century "Robber Barons," who were prolific philanthropists, Musk's charitable efforts have largely been channeled through his foundation and donor-advised funds, focusing on causes tied to his businesses. He joined the Giving Pledge in 2012 but has not publicly withdrawn, though reports suggest he considered reneging after advice from Peter Thiel.

Musk has also immersed himself in politics, aligning with Donald Trump and leading a campaign to cut government waste. Yet his vast wealth has not sparked the sweeping political or social changes seen in the Gilded Age, which led to antitrust regulations and federal income tax. Experts caution that Musk's fortune is not immutable; market valuations can shift, as seen in 2022 when Tesla lost over 60% of its market value.