Elon Musk is poised to become the world's first trillionaire when ***** eX (SPAX.PVT) stock debuts next week, with the company's target IPO price valuing his stake at a considerable $866.5 billion on paper.
On Wednesday, ***** eX said in a filing that it will seek proceeds of $75 billion from its initial public offering, a record amount for any IPO. In the filing, the company said it would offer 555,555,555 shares at $135 each. It's an unusual move not to implement a price range and offer a set price, perhaps because demand for ***** eX stock is high.
Musk holds approximately 42% of ***** eX's equity through a dual-class share structure that grants him roughly 82% of voting control via Class B stock. At the $135 IPO price, the updated prospectus values that equity stake at $866.5 billion.
While that amount nearly gets him to $1 trillion, there's also his Tesla (TSLA) stake.
Musk holds approximately 717 million Tesla shares, not including vested stock options, according to the most recent regulatory filings — a position that, at the electric carmaker's current price of roughly $420 per share, is worth approximately $301.1 billion.
On Wednesday, ***** eX said in a filing that it will seek proceeds of $75 billion from its initial public offering, a record amount for any IPO. In the filing, the company said it would offer 555,555,555 shares at $135 each. It's an unusual move not to implement a price range and offer a set price, perhaps because demand for ***** eX stock is high.
Musk holds approximately 42% of ***** eX's equity through a dual-class share structure that grants him roughly 82% of voting control via Class B stock. At the $135 IPO price, the updated prospectus values that equity stake at $866.5 billion.
While that amount nearly gets him to $1 trillion, there's also his Tesla (TSLA) stake.
Musk holds approximately 717 million Tesla shares, not including vested stock options, according to the most recent regulatory filings — a position that, at the electric carmaker's current price of roughly $420 per share, is worth approximately $301.1 billion.
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