SpaceX Just Made Elon Musk the First Trillionaire in History. Should You Buy the Stock?
Elon Musk became the world's first trillionaire after SpaceX's blockbuster IPO. Here's what's behind his record-breaking fortune and whether the stock is worth buying at this price.
SpaceX Just Made Elon Musk the First Trillionaire in History. Should You Buy the Stock?
Overview
Something happened today that's never happened before in history: A single person's net worth crossed $1 trillion. After shares of Space Exploration Technologies (NASDAQ: SPCX), better known as SpaceX, hit the market this morning, CEO and Chief Engineer Elon Musk's fortune jumped from roughly $813 billion to more than $1 trillion.
The initial public offering (IPO) itself is record-shattering, too. SpaceX raised $75 billion -- more than twice the previous record -- and the company is now valued somewhere north of $2 trillion.
Details
First, with all these massive numbers, it's important to remember that this is paper wealth, not cash. Musk doesn't have $1.3 trillion stuffed under a rather large mattress.
Source
Originally published at www.fool.com.
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