Elon Musk, the CEO of Tesla and SpaceX, has become the world’s first trillionaire after SpaceX’s initial public offering (IPO) raised a record $75 billion. Musk’s net worth is now estimated to be over $1.1 trillion, according to Forbes and Reuters calculations.

SpaceX IPO

The SpaceX IPO has highlighted investor enthusiasm for Musk’s business ventures. Musk’s influence has become so pervasive that market observers have dubbed the network of businesses around him the ‘Muskonomy.’ The phenomenon has given rise to what some investors call the ‘Elon premium,’ a valuation boost driven as much by faith in Musk’s vision as by traditional financial metrics.

Musk’s success with Tesla and SpaceX has been credited with helping to redefine the global automotive industry and prod traditional automakers to pivot to electric cars. Many investors are betting he can repeat the feat in space and artificial intelligence.

Controversy and Praise

Musk has courted controversy and praise in equal measure. He is credited with turning Tesla into the world’s most valuable automaker, but has also faced legal challenges and shareholder concerns tied to his storied CEO role.

The concentration of influence around a single entrepreneur has amplified concerns about corporate governance, conflicts of interest, and the risks of tying company fortunes too closely to one individual. Musk’s alliance with former President Donald Trump has also been among his most contentious ventures.

Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.