Elon Musk becomes first person with net worth above $1 trillion

Elon Musk has become the first individual whose personal wealth has surpassed $1 trillion, driven by a sharp increase in the value of his stake in SpaceX. According to reports, the milestone was reached after SpaceX carried out an internal share sale in which its stock was priced at $135 per share, giving the company a market valuation of about $1.77 trillion. In the transaction, SpaceX sold roughly 555.6 million shares at that price, raising more than $75 billion. The valuation pushed Musk past the $1 trillion threshold, based on the combined value of his holdings in SpaceX and electric car maker Tesla, where he remains the largest shareholder. SpaceX reported revenue of $18.67 billion last year against a net loss of around $5 billion, a result that points to investor expectations of substantial future growth. A significant share of the company's spending is tied to the development of the Starship rocket, while its Starlink satellite internet service remains the primary source of revenue. Following a potential public listing, Musk is expected to retain control of SpaceX through supervoting shares, holding more than 80 percent of the voting power. Unusually for a public offering, SpaceX set the share price directly rather than issuing the stock within a range.