Tag: Elon Musk News

Elon Musk becomes the world’s first trillionaire with SpaceX’s IPO

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photo of space rocket

Elon Musk has become the first person to cross the trillionaire threshold, at least on paper, after SpaceX priced its blockbuster initial public offering at $135 a share and its stock soared in its stock market debut. Before the IPO, Musk was worth an estimated $813 billion, a fortune more than twice as large as the planet’s second-richest person, Google co-founder Larry Page, who is worth an estimated $288 billion, according to Forbes.  “SpaceX wants to be able to take you to the Moon, take you to Mars and ultimately beyond,” Musk said at a launch event with staffers on Friday at the company’s headquarters in Starbase, Texas.

SpaceX formally setting its stock price at $135 boosted Musk’s fortune to just over $1 trillion. The shares, which trade under the ticker symbol SPCX, jumped after they began trading shortly before noon ET. At its closing price of $160.95 on Friday, Musk’s net worth reached roughly $1.14 trillion, although future declines could push him back below the trillionaire mark. While billionaire wealth alone may be hard enough to comprehend, a trillionaire represents a level of wealth that rivals the economic output of the world’s biggest nations. Only 19 countries have GDPs that surpass $1 trillion, ranging from the U.S. to the Netherlands, according to World Bank data.

Musk’s surging fortune represents a “new Gilded Age” of wealth inequality, Oxfam America senior director of economic justice Nabil Ahmed said in a statement.   “Elon Musk’s rise to trillionaire status marks a new pinnacle of oligarchy,” Ahmed said.  To be sure, plenty of other SpaceX employees and investors are likely to mint new fortunes with the IPO. About 4,400 SpaceX workers could become millionaires when the stock begins trading, according to the New York Times. But Musk is likely to be the biggest beneficiary, given his large stake in the business. Trillionaire math Musk owns 4.8 billion shares of SpaceX, or about 42% of the company, as well as 350 million stock options exercisable at $8.39 per share, according to the company’s IPO filing.

At $135 a share, Musk’s stake is worth $648 billion. His options add another $44.3 billion to his net worth.  Because Forbes valued Musk’s pre-IPO stake in SpaceX at $500 billion, the IPO sale boosts the value of his SpaceX shares by an additional $192.3 billion, bringing his total net worth to $1.005 trillion.  SpaceX shares touched as high as $168.75 in Friday afternoon trading before closing at $160.95. At the closing price, Musk’s stake in SpaceX is worth an additional $326 billion, placing his total wealth at roughly $1.14 billion.

Source: Elon Musk becomes the world’s first trillionaire with SpaceX’s IPO – CBS News

What shall we say then? Is the law sin? Certainly not! On the contrary, I would not have known sin except through the law. For I would not have known covetousness unless the law had said, “You shall not covet.”
Romans 7:7

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Elon Musk Offers To Pay TSA Salaries As DHS Shutdown Drags On

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busy airport terminal with passengers awaiting flights

Elon Musk recently offered to personally cover the salaries of TSA agents as a partial Department of Homeland Security shutdown stretches into its second month, leaving tens of thousands of federal workers without pay.“I would like to offer to pay the salaries of TSA personnel during this funding impasse that is negatively affecting the lives of so many Americans at airports throughout the country,” Musk wrote Saturday on X.The proposal comes as Congress remains deadlocked over funding for DHS, which oversees the TSA.

While most of the federal government has been funded, DHS has been left out of a broader agreement, triggering a prolonged lapse that is now rippling across the country’s airports.The shutdown has left TSA officers, who are classified as essential employees, working without pay, a situation that has translated into staffing shortages and mounting delays.At major hubs including Houston, Atlanta, New Orleans, and Philadelphia, security wait times have reportedly stretched beyond three hours. Footage out of Philadelphia showed hundreds of passengers backed up through escalators and checkpoints in the early morning hours.

Source: Elon Musk Offers To Pay TSA Salaries As DHS Shutdown Drags On

Ah, Lord GOD! Behold, You have made the heavens and the earth by Your great power and outstretched arm. There is nothing too hard for You.
Jeremiah 32:17