Musk Surpasses Altcoin Market Cap as SpaceX Soars

Elon Musk's net worth has surpassed $1 trillion, outpacing the global altcoin market capitalization excluding Bitcoin. According to Bloomberg's Billionaires Index, Musk's net worth is approximately $1.11 trillion as of June 14.

The surge in Musk's wealth can be attributed to SpaceX's successful initial public offering (IPO). The company listed on the Nasdaq with a market value of $2.2 trillion and raised about $75 billion in its listing process. The opening price was $150, which rose as high as $176.50 intraday before closing at $161.

Eric Balchunas, a Bloomberg ETF analyst, noted that SpaceX recorded about $85 billion in turnover on its first trading day, exceeding previous IPO records and ranking among the top single-day turnovers for an individual stock in U.S. market history.

Musk holds approximately 42% of SpaceX's shares, resulting in his net worth increasing sharply after the listing. The total market capitalization of altcoins excluding Bitcoin is around $880 billion, which is less than Musk's net worth.