Web desk(National Times)- Few business leaders have been as deeply embedded in popular culture as Elon Musk, the ambitious entrepreneur who has become a central figure in internet culture and amassed a fortune that has made him the world\u2019s first trillionaire.<\/p>\n\n\n\n
At a time when concerns about inequality are high and public attitudes toward the ultra-wealthy have soured, Musk has managed to retain a loyal following despite his stratospheric net worth and without the folksy persona that endeared other tycoons such as Warren Buffett to the masses.<\/p>\n\n\n\n
While admirers view Musk\u2019s no-filter style as part of his appeal, critics have accused him of wielding oligarch-like power, raised concerns about governance at his companies and objected to his increasingly partisan political interventions.<\/p>\n\n\n\n
Still, SpaceX, the sprawling rocket, satellite and AI company that, together with electric-car maker Tesla, forms the centre of Musk\u2019s empire, raised a record $75 billion in its initial public offering (IPO) on Thursday, highlighting investor enthusiasm for his business ventures.<\/p>\n\n\n\n
SpaceX priced the biggest-ever US IPO at $135 per share, making Elon Musk\u2019s rocket and spacecraft manufacturer one of the world\u2019s most valuable companies.<\/p>\n\n\n\n
The IPO raised a record $75bn on the sale of 555.56 million shares, valuing the space, satellite and AI provider at $1.77 trillion, a record for an initial offering.<\/p>\n\n\n\n
Thursday\u2019*s pricing caps off a months-long effort that realised Musk\u2019s most ambitious project yet even as he stood a handful of financial traditions on their heads, and as some analysts question whether its lofty valuation is justified.<\/p>\n\n\n\n
SpaceX will rank seventh among US-listed firms when its shares begin trading on the Nasdaq on Friday, though it lost money last year and other mega-caps far outpace its revenue.<\/p>\n\n\n\n
Prior to the share sale, Forbes<\/em> pegged his net worth at roughly $780bn, far ahead of the man next in line, Alphabet co-founder Larry Page.<\/p>\n\n\n\n \u201cThe second richest person has been hovering around $300bn, so about less than one-third of what Musk can potentially be worth tomorrow,\u201d said Matt Durot, deputy editor at Forbes Wealth.<\/em><\/p>\n\n\n\n \u201cAnd only one other person (Oracle founder) Larry Ellison has ever been worth $400bn.<\/p>\n\n\n\n Most of Musk\u2019s wealth now rests with SpaceX, where he holds a stake worth roughly $866bn.<\/p>\n\n\n\n Along with Tesla and the rest of his properties, his net worth will exceed $1.1tr when the stock begins trading on Friday, according to Reuters<\/em> calculations based on company filings.<\/p>\n\n\n\n The tally includes stock components that would vest over time.<\/p>\n\n\n\n Musk became a household name through Tesla and SpaceX before expanding his influence with the $44bn acquisition of social media platform Twitter (now X) in 2022.<\/p>\n\n\n\n The deal gave him a direct channel to hundreds of millions of users and made him a prominent voice on issues ranging from politics and immigration to government spending and free speech.<\/p>\n\n\n\n His move into politics, particularly his role in US President Donald Trump\u2019s Department of Government Efficiency<\/a> (DOGE) last year, has been among his most contentious ventures.<\/p>\n\n\n\n The political fallout coincided with weakening Tesla sales in several international markets in 2025 as protests and consumer boycotts targeted the electric vehicle maker.<\/p>\n\n\n\n Musk, 54, was born in Pretoria, South Africa, to a Canadian mother and South African father. He attended the University of Pennsylvania, graduating in 1997.<\/p>\n\n\n\n He took over as Tesla\u2019s CEO in 2008 with the conviction that electric vehicles could combine high performance with software-driven features, helping redefine the global automotive industry.<\/p>\n\n\n\n Some auto-industry watchers say Tesla\u2019s success and its trillion-dollar-plus market cap helped prod traditional automakers to pivot to electric cars.<\/p>\n\n\n\n Many investors are betting he can repeat the feat in space and artificial intelligence. Yet SpaceX remains cash-hungry, and much of the company\u2019s valuation rests on technologies that may take years or decades to become commercially viable.<\/p>\n\n\n\n Beyond Tesla and SpaceX, Musk has co-founded five other companies, including tunnelling startup The Boring Company and brain implant maker Neuralink<\/a>.<\/p>\n\n\n\n As CEO of Tesla, Musk has courted controversy and praise in equal measure. He is credited with turning Tesla into the world\u2019s most valuable automaker.<\/p>\n\n\n\n Executives at legacy automakers dismissed the threat for years, sceptical that a startup car company could figure out how to mass produce electric vehicles profitably.<\/p>\n\n\n\n He renewed the world\u2019s respect for American ingenuity in automotive engineering, said Bob Lutz, a former General Motors vice chairman.<\/p>\n\n\n\n At the same time, Tesla has faced legal challenges and shareholder concerns tied to its storied CEO, particularly his 2018 pay package, once worth $56bn.<\/p>\n\n\n\n Musk\u2019s influence has become so pervasive that market observers have dubbed the network of businesses around him the \u201cMuskonomy.\u201d<\/p>\n\n\n\n The phenomenon has given rise to what some investors call the \u201cElon premium,\u201d a valuation boost driven as much by faith in Musk\u2019s vision as by traditional financial metrics.<\/p>\n\n\n\n \u201cMuch like Tesla, SpaceX is a bet on Elon Musk,\u201d said Matt Kennedy, senior strategist at Renaissance Capital, a provider of IPO-focused research and exchange-traded funds.<\/p>\n\n\n\n \u201cA market cap of $1.5tr-$2tr would certainly throw all traditional valuation methodologies out the window, and is instead best characterised as the \u2018Elon Musk premium\u2019.\u201d<\/p>\n\n\n\n The concentration of influence around a single entrepreneur has amplified concerns about corporate governance, conflicts of interest and the risks of tying company fortunes too closely to one individual.<\/p>\n\n\n\n Over the years, Musk has turned clashes with regulators, billionaires, short sellers, journalists and media organisations, including Reuters<\/em>, into recurring public battles<\/a> that often unfolded on social media.<\/p>\n\n\n\n Musk\u2019s alliance with Trump followed a familiar pattern. After helping bankroll Trump\u2019s return to the White House and serving in a senior advisory role through the administration\u2019s DOGE initiative, Musk became one of the president\u2019s closest corporate allies.<\/p>\n\n\n\n The relationship later fractured<\/a> amid disagreements over policy and spending, spilling into a public feud<\/a>. Though the two have since struck a more conciliatory tone,<\/a> their falling-out highlighted the increasingly blurred lines between Musk\u2019s business empire and political ambitions.<\/p>\n\n\n\n Yet for many investors, concerns about Musk\u2019s often unconventional behaviour are outweighed by his track record of turning ambitious ideas into some of the world\u2019s most valuable companies.<\/p>\n\n\n\n \u201cElon is the Edison of our time,\u201d JPMorgan Chase CEO Jamie Dimon said during a recent conversation with Musk.<\/p>\n\n\n\n The banker, a former adversary of Musk in a prolonged legal battle, has since become an admirer. Dimon told CNBC<\/em> last year that the pair had \u201chugged it out,\u201d and he hailed Musk as \u201cour Einstein.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":" Web desk(National Times)- Few business leaders have been as deeply embedded in popular culture as Elon Musk, the ambitious entrepreneur who has become a central figure in internet culture and amassed a fortune that has made him the world\u2019s first trillionaire. At a time when concerns about inequality are high and public attitudes toward the […]<\/p>\n","protected":false},"author":2,"featured_media":127514,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-127513","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-international","entry"],"yoast_head":"\n<\/a>The Elon premium<\/h2>\n\n\n\n
<\/a>Musk unfiltered<\/h2>\n\n\n\n