Elon Musk becomes the world's first trillionaire after SpaceX IPO
via Punch Nigeria1 min read
Elon Musk, CEO of SpaceX, has become the first individual in history to achieve a net worth exceeding $1 trillion. This milestone was reached following SpaceX's initial public offering, which priced shares at $135. Shortly after market open on Friday, the company's shares, trading as "SPCX" on the Nasdaq, rose to $165, an increase of approximately 22% above the IPO price, pushing SpaceX's valuation above $2 trillion. Prior to this listing, Musk's estimated fortune was $813 billion, which was more than double the wealth of the world's second-richest person, Google co-founder Larry Page, valued at about $288 billion. Musk's current net worth now surpasses the combined wealth of Larry Page, Sergey Brin, and Larry Ellison. SpaceX, which includes Starlink and xAI, is now the sixth-largest publicly traded company in the United States by valuation, trailing Nvidia, Alphabet, Apple, Microsoft, and Amazon.
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Must ReadEnugu State Governor Peter Mbah praised the Department of State Services, the Nigerian Army, and the Nigeria Police Force for their security efforts in the state and the South-East region. The commendation followed his inspection of weapons and ammunition recovered during a raid on the proscribed Eastern Security Network's armory in Enugu State. The recovered items included a rocket launcher, two RPG warheads, three RPG chargers, 11 AK-47 rifles, over 610 rounds of 7.62mm NATO ammunition, National Youth Service Corps uniforms, and lanyards. Governor Mbah, accompanied by security chiefs and senior government officials, highlighted the effective cooperation among security agencies, stating that their intelligence-driven operation prevented coordinated attacks intended to destabilize Enugu and other South-East states. He added that the seized arms would have been used by ESN terrorists to cause widespread damage and create a false impression of insecurity in Nigeria. The governor also called on Nigerians to support President Bola Tinubu's ongoing efforts to address insecurity nationwide.
The African Democratic Congress ADC has criticized President Bola Tinubu's Democracy Day address, describing it as an admission of the All Progressives Congress's APC failure to deliver on promises after more than a decade in power. The opposition party stated that Tinubu's speech was "another campaign speech masquerading as a presidential address," arguing that Nigerians require tangible results instead of new assurances on economic recovery, security, and job creation. In a statement by its National Publicity Secretary, Bolaji Abdullahi, the ADC questioned the performance of both Tinubu's administration and the APC government since 2015. The party noted that the speech was "long on promises and short on answers," resembling a candidate's address rather than that of a government in its fourth year. The ADC accused the President of failing to account for his administration's performance on a day commemorating the June 12, 1993 presidential election. The party highlighted that issues like insecurity, unemployment, poverty, and economic decline, which the APC promised to address in 2015, remain significant challenges. The ADC also criticized the administration's focus on future prospects while many Nigerians face severe economic hardship, including high food prices and soaring transportation costs. The party argued that Democracy Day should have been an opportunity for the President to explain the APC's stewardship over the last decade, rather than presenting a "catalogue of fu
Ondo State Governor Lucky Aiyedatiwa stated that insecurity poses a significant threat to the sustenance of democracy in Nigeria. Speaking at the 33rd anniversary of the June 12 Presidential Election in Akure, Governor Aiyedatiwa emphasized that democracy requires the collective commitment of citizens to uphold its values and principles. He noted that while democracy is a continuous journey measured by good governance, it can only truly thrive in an atmosphere of peace and security. Insecurity, he added, weakens democratic values, discourages civic participation, and erodes public trust. Governor Aiyedatiwa commended President Bola Tinubu's administration for its efforts to address insecurity through the "Renewed Hope Agenda," including strengthening coordination among security agencies and supporting decentralized policing. He also highlighted his administration's commitment to good governance, infrastructure renewal, and ensuring the safety of lives and property under the "OUR EASE Agenda." Former Edo State Governor Senator Adam Oshiomhole, the guest speaker, underscored that democracy enables citizens to question political leaders and promotes accountability, transparency, and the rule of law.