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    SpaceX in biggest IPO, Musk to be trillionaire

    Toby ShapshakBy Updated:No Comments1 Min Read
    Space X Falcon Heavy launches

    Elon Musk is likely to become the world’s first trillionaire when SpaceX lists in what is expected to be the largest initial public offering (IPO) ever.

    SpaceX on Wednesday revealed its plans to raise $75-billion when it lists, valuing the company at a whopping $1.75-trillion.

    Space Exploration Technologies Corporation said it will sell 555-million shares for $135 each when it goes public.

    But Musk will retain  82.4% of the voting control.

    When it lists, SpaceX will be the seventh most valuable company on the S&P 500, which Nvidia leads at $5.2-trillion.

    Musk is the world’s richest person – worth $825-billion – and his SpaceX shares are valued at $542-billion.

    Not bad for a boy from Pretoria.

     

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    Toby Shapshak is editor-in-chief of Stuff, a Forbes senior contributor and a columnist for Business Day. He has been writing about technology and the internet for 30 years and his TED Global talk on innovation in Africa has over 1,5-million views. He has written about Africa's tech and start-up ecosystem for Forbes, CNN and The Guardian in London. He was named in GQ's top 30 men in media and the Mail & Guardian newspaper's influential young South Africans. He has been featured in the New York Times. GQ said he "has become the most high-profile technology journalist in the country" while the M&G wrote: "Toby Shapshak is all things tech... he reigns supreme as the major talking head for everything and anything tech."

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