Elon Musk became the world’s first trillionaire following the historic public listing of SpaceX, pushing the rocket company’s valuation past $2 trillion. Now, fellow billionaire and CEO of Moët Hennessy and Louis Vuitton (LVMH), Bernard Arnault, has shared his perspective on the milestone. In a short clip shared over social media platform X, Louis Vuitton chief can be seen agreeing to the fact that Musk had completely “crushed the competition” with his newly minted $1.27 trillion fortune but offered a grounded view on modern tech wealth.“That is the value of company, People talk about wealth, but it’s actually the value of the stocks,” the luxury goods tycoon said, adding, “It’s not money he has in his bank account to spend. That is the value of the company.”When the reporter pressed further on Musk ‘crushing the competition’, Arnault smirked and conceded, “Competition in the rocket industry, that’s for sure.”
SpaceX IPO makes Elon Musk world’s first trillionnaire
The sudden surge in Musk’s net worth follows SpaceX’s blockbuster IPO. His net worth rose by $188 billion to an estimated $982 billion on Thursday (June 11) evening, when SpaceX priced the IPO at $135 per share. According to Forbes, the SpaceX chairman, CEO and chief technical officer owns 4.8 billion shares of SpaceX, worth $715 billion and has another 350 million stock options worth $50 billion, giving him a 38% stake in the company.Musk used his post-IPO address to emphasise that the listing is a stepping stone toward a much grander, sci-fi-inspired vision for human civilization. Musk drew a sharp line between SpaceX and traditional aerospace contractors, boldly claiming his competitors “lacked ambition.”“While the other aerospace companies built good rockets and everything, they were simply not pursuing the technology that’s necessary to make life multi-planetary. To make Star Trek, to make the exciting science fiction futures that we’ve read about,” Musk told a crowd of investors and supporters.Musk also promised that space travel will eventually be accessible to regular citizens rather than being restricted to elite, government-trained astronauts. “That’s what SpaceX is all about—to take the fiction out of ‘Science Fiction’ and create an exciting, inspiring future for everyone. We want to be able to take anyone who wants to go to the Moon. Anyone who wants to go to Mars or anywhere in the solar system and maybe beyond,” Musk stated.
