Elon Musk, the world's richest man and now first-ever trillionaire, controls a lot of different businesses. Electric vehicles, brain implants, underground tunnels, a social media platform once called Twitter, and a rocket maker that blasted off its trading from Wall Street this week. This was reported by Qazaqyia.kz citing Associated Press.
Over time, more and more of these ventures have found themselves under the same roof. Musk merged SpaceX — which went public on Friday — with his artificial intelligence company xAI just earlier this year. But he still holds the CEO role at several corporations today, in addition to other various executive titles or ownership stakes.
Musk is CEO of SpaceX, which he founded in 2002. The company has grown far beyond rockets. It owns satellite communications service Starlink, a big source of cash for the company that generated $4.4 billion in operating income last year. SpaceX also houses social media platform X, formerly known as Twitter, which Musk bought for $44 billion in 2022 and parked it under xAI, the maker of the Grok chatbot.
Both xAI and X are money losers (the AI business lost $6.4 billion in operations last year). Nonetheless, SpaceX — which lost $2.6 billion overall from operations last year — was able to whip up enough market hype to debut with the biggest initial public offering in history on Friday, closing at just below $161 per share, or a total market value of $2.1 trillion.