Musk's fortune grew by US$ 1 million per minute in the last year, says research
Elon Musk's fortune grew by US$ 1 million per minute in the last year, according to an analysis by Oxfam. The businessman's wealth could exceed US$1 trillion after SpaceX's IPO this Thursday (11) and make Musk the first trillionaire in the world.
According to Oxfam, reaching $1 trillion would mean that Musk's wealth has grown by more than $550 billion in the last year, equivalent to an average of more than $1 million per minute.
The analysis showed that if Musk spent $1 million a day, it would take him 2,740 years to spend $1 trillion.
With this fortune, the businessman could give US$100 to every person on the planet and still remain among the ten richest billionaires in the world, with a fortune of over US$184 billion.
The survey also indicates that a 10% tax on Musk's $1 trillion fortune could eradicate global extreme poverty for a year, lifting more than 800 million people above the extreme poverty line.
SpaceX IPO
SpaceX has plans to raise $75 billion in an initial public offering, which would value the company at about $1.77 trillion.
The company plans to sell 555.6 million shares at an initial price of US$135 per share, according to a statement sent to the SEC (United States Securities and Exchange Commission).
Setting the initial value at a single target price, rather than offering a range, is an unusual move that reflects the hot market for AI-powered IPOs.
Even after the IPO, Musk will still control almost half of SpaceX's total shares after the offering. However, some of these shares are special and provide greater voting power, and Musk will control 82.4% of the voting power after the initial public offering.
The offer is already emerging as the largest in history, surpassing the previous record of US$29.4 billion raised by Saudi Aramco in 2019.
Trillion
If shares actually trade at $135, Musk's stake in SpaceX would be worth $841 billion.
Adding Musk's stake in Tesla, valued at just under US$300 billion at Wednesday's closing price (10), the businessman's net worth could reach US$1.1 trillion with the IPO.
SpaceX was founded in 2002 focused on building rockets and transporting cargo to outer space. In 2021, the company expanded its operations into telecommunications, when it launched Starlink, its satellite internet service.
In February of this year, Musk merged SpaceX with xAI, his artificial intelligence company that includes his social media platform, X.
How SpaceX's BDR works
Brazilian investors will have access to SpaceX shares starting this Friday (12), when Elon Musk's company debuts simultaneously on Wall Street and B3.
BDR (Brazilian Depositary Receipt) trading can be done directly by the home broker of Brazilian brokers, in the same way as shares, ETFs and other receipts from foreign companies listed on the exchange.
Although the IPO has an initial price estimated at US$135 - approximately R$675 -, the BDR structure was defined with a parity of 1 to 15. This means that each share traded in the United States will correspond to 15 BDRs in Brazil, significantly reducing the minimum amount required to invest in the company.
For this reason, the company's BDR may be traded in the range between R$50 and R$70.
Source: CNN