Musk’s net worth briefly tops Bitcoin’s market cap amid SpaceX rally

Elon Musk’s net worth briefly surpassed Bitcoin’s entire market cap on Tuesday as SpaceX shares extended their post-IPO rally, according to Bloomberg data.caliber
SpaceX’s stock has surged since its record $85.7 billion Nasdaq debut on June 12, briefly topping Microsoft ↗0.13% in market cap and leapfrogging Amazon ↗2.90% by Tuesday’s close.cnbc
The wealth surge — a $624 billion gain in six days, per Bloomberg — has reignited political debate over taxing unrealized gains, with Sen. Elizabeth Warren renewing her wealth tax push.wsws

Musk Becomes World’s First Trillionaire as SpaceX Rally Extends Past Amazon

Elon Musk’s net worth surged to approximately $1.32 trillion as of Tuesday’s close, according to the Bloomberg Billionaires Index, after SpaceX shares extended their post-IPO rally for a third consecutive session. His fortune briefly climbed to nearly $1.4 trillion at intraday highs, surpassing the entire market capitalization of Bitcoin, which stood at roughly $1.31 trillion at the time.caliber

A Record-Breaking Debut

SpaceX debuted on the Nasdaq on June 12 under the ticker SPCX at $150 per share, above its IPO price of $135, in what became the largest initial public offering in history. The company raised a total of $85.7 billion after underwriters exercised their overallotment option the following Monday. Shares surged 19% on the first day of trading and another 20% on Monday, closing above $192.cnbc

On Tuesday, SpaceX rose approximately 4%, briefly surpassing Microsoft in market capitalization before settling at a market value of roughly $2.65 trillion by the close. That was enough to leapfrog Amazon as the fifth-most-valuable publicly traded company.wsj

The Trillion-Dollar Fortune

Musk holds approximately 4.8 billion SpaceX shares along with 350 million stock options, according to Forbes, amounting to about 38% of his total stake in the company. Combined with his holdings in Tesla and other ventures, his net worth reached $1.3 trillion after Monday’s session and climbed further on Tuesday.gizmodo

The Bloomberg Billionaires Index pegged his wealth at $1.32 trillion as of Tuesday, a $624 billion increase in just six days. That placed him roughly $1 trillion ahead of Google co-founder Larry Page, the world’s second-richest person at approximately $301 billion.forbes

Wealth Tax Debate Reignites

The milestone has renewed political calls for a wealth tax. Senator Elizabeth Warren revived her push for taxing unrealized gains, citing Musk’s rapid accumulation of paper wealth. SpaceX itself reported $18.7 billion in revenue last year against a $4.9 billion loss, underscoring the gap between the company’s market valuation and its current profitability.foxbusiness