Just days after becoming the world's first trillionaire, Elon Musk added more wealth in a single trading session than Warren Buffett's entire fortune.
The surge came after shares of SpaceX climbed nearly 20% in their first full trading session following the company's blockbuster initial public offering, lifting Musk's net worth by an estimated $164.8 billion in one day. The gain alone exceeds the roughly $148 billion fortune of Berkshire Hathaway chairman Warren Buffett, according to Forbes estimates.
The rally pushed Musk's net worth to approximately $1.27 trillion, further widening his lead as the world's richest person. By comparison, the second-richest individual, Google co-founder Larry Page, has a fortune estimated at around $301 billion.
SpaceX shares rose more than 19.5% to close above $192 yesterday, extending gains from the company's market debut, where the stock had already surged nearly 19%. Shares of Tesla, another major contributor to Musk's wealth, also edged higher during the session.
ALSO READ: SpaceX IPO Turns 4,400 Workers Into Millionaires Overnight
Where Does Musk's Wealth Lie?
The bulk of Musk's fortune is tied to his ownership stake in SpaceX. Regulatory filings show he owns about 4.8 billion shares of the aerospace company, along with approximately 350 million stock options. Together, the holdings represent roughly 38% ownership of the company, making SpaceX the primary driver behind his unprecedented wealth accumulation.
SpaceX disclosed that it ultimately raised $85.7 billion after underwriters exercised an option to purchase additional shares amid overwhelming demand. The company had initially planned a smaller offering but expanded the deal following strong institutional and retail interest.
The latest rally caps a remarkable run for Musk's personal fortune. His wealth crossed the $500 billion mark in October, topped $600 billion in December and surpassed $700 billion just days later as valuations of his technology and aerospace businesses surged.
Now, with SpaceX trading publicly and investors placing hefty bets on future businesses ranging from satellite broadband and artificial intelligence to lunar infrastructure and Mars transportation, Musk's wealth has entered territory previously unimaginable even by billionaire standards.
ALSO READ: SpaceX Surges for Second Day to Add $412 Billion in Value
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
