Web Desk(National Times)- Elon Musk, widely regarded as the world’s richest individual, has reportedly reached a new financial milestone by becoming the first trillionaire after a sharp rise in his wealth.

According to reports, Musk’s total net worth has surged past $1.1 trillion following a significant increase in the valuation of SpaceX.

The jump came after the company raised a record $75 billion through its initial public offering (IPO), boosting investor confidence and driving up the value of its shares.

SpaceX is estimated to account for a major share of Musk’s fortune, with the value of his stake reportedly ranging between hundreds of billions of dollars. This rapid growth in the company’s valuation has played a key role in pushing his overall wealth to unprecedented levels.

In addition to SpaceX, Musk’s holdings in Tesla and other assets have also contributed to his total net worth, which now stands above the trillion-dollar mark, according to the reports.

Musk, 54, is known for his leadership roles in Tesla, SpaceX, and the social media platform X (formerly Twitter), which he acquired in 2022. His influence spans across technology, artificial intelligence, space exploration, and digital media.