Elon Musk become world first trillionaire as SpaceX opening shares go up

Elon Musk don become di world first trillionaire afta SpaceX shares go public for one US stock exchange.

But dat one no mean say e get di money for bank.

SpaceX shares bin start to trade at $150 (£112) shortly bifor noon eastern time - and quickly jump to $160.

Di initial public offering stand to be massive, life-changing lottery ticket for hundreds of employees.

Na di largest IPO since Saudi Aramco bin go public and open at $25.6bn for 2019.

While Musk get plenti money, e no get bank account wey show balance of $1tn. And e no fit sell im shares for SpaceX for 366 days.

And in order to maintain im brand new status as trillionaire, di price of SpaceX stock gatz stay high. If e fall below $138, e go dey considered as simple multi-billionaire.

Hundreds of SpaceX employees don set to become millionaires

Aside from di Wall Street buzz, dis IPO stand to be massive, life-changing lottery ticket for certain investors and actual employees, becos SpaceX dey give company stock.

Di listing dey expected to make ova 4,000 current and former employees into wealthy individuals, wit estimated 400 projected to hold stakes worth $100 million or more.

And no be just di top executives or engineers wey dey get rich - evriday staff like welders, technicians, and even cafeteria workers wey no sell dia shares stand to gain a big payoff afta years of smaller paychecks.

'We need wealth tax' - US senators react to Musk trillionaire status

Democratic US Senator Elizabeth Warren don call for di implementation of wealth tax afta di news say Elon Musk don become di world first trillionaire afta SpaceX stock market debut.

Writing on X, di Massachusetts senator say: "Di typical American household gatz work more dan 11 MILLION years to make Elon Musk level of wealth. We need a wealth tax."

While Bernie Sanders, independent senator for Vermont, call for di US to "lift di cap on taxable income", and say Musk "dey pay di same amount into social security as someone wey dey make $184,500".

"If we end dat absurdity... we fit make social security solvent for 75 years and expand benefits by $2,400," e post on X.

Why so many Americans go be SpaceX shareholders

Many Americans go dey exposed to SpaceX stock - weda dem like am or not. Dat exposure go likely come primarily from dia 401(k) retirement accounts.

Dis accounts dey often made up of diversified funds. Wit recent changes by di Nasdaq-100 allowing SpaceX to dey included much sooner dan wetin fit be di case for past, roughly $20bn in demand from passive funds fit dey, according to Bloomberg Intelligence.

E dey worrisome to some becos of di reviews of SpaceX financials, including dia string of non-profitable quarters.

And den e get "TAM" - or "total addressable market" – wia di company dey estimate di size of di market dem fit capture one day. SpaceX say dia TAM na $28.5tn, just a few trillion less of US GDP last year.

A big chunk of dat dey come from SpaceX volatile artificial intelligence business. To date, di AI segment don become money loser.

NYU valuation expert Aswath Damodaran don tok say SpaceX TAM dey based on fantasy.

You go remember say na October last year Musk become di first pesin ever to achieve net worth wey pass $500bn (£370.9bn), as di value of im electric car company and im oda businesses rise dat year.

Di tech magnate net worth briefly reach $500.1bn on di afternoon of October 1 New York time, bifor e drop small to just ova $499bn later in di day, di Forbes billionaires index bin report.