finance
SpaceX Completes Record IPO as Musk Reaches Trillionaire Status
SpaceX executed the largest initial public offering in stock market history on Friday, making Elon Musk the world's first trillionaire. The milestone has renewed attention to a 2020 tweet by a California labor leader that Musk said prompted his decision to move Tesla and related companies out of the state.
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SpaceX completed the largest initial public offering in stock market history on Friday, pushing Elon Musk's net worth past one trillion dollars. The IPO marked the first time the company sold shares to public investors. Musk had previously kept SpaceX private since its founding.
Tweet from 2020 resurfaces A May 2020 tweet by California Federation of Labor Unions President Lorena Gonzalez Fletcher that read “F— Elon Musk” has drawn renewed scrutiny. ” Musk later confirmed the post influenced his decision to relocate Tesla to Texas.
He responded “Exactly” to commentary linking the tweet to the move. Investment banker John LeFevre wrote on X that the single tweet cost California hundreds of billions of dollars in taxes, revenue, and jobs.
Musk cites multiple factors for departure Musk said California had grown complacent in attracting businesses. He also pointed to a state law restricting school districts from notifying parents of changes in a child's gender identification as a final factor. A separate dispute with state officials over restarting Tesla's California factory during the COVID-19 pandemic added to the tensions.
Reactions to new wealth milestone California Democrats criticized Musk's new financial status on Friday. One post stated that Americans are struggling with groceries and gas while Musk becomes a trillionaire. The same statement added that when the federal government is for sale, the rich get richer and everyone else gets shafted.
