Musk triggers wealth tax clash after net worth bea
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Elon Musk’s net worth has briefly climbed to nearly $1.4 trillion, surpassing Bitcoin’s market value at the time after SpaceX shares reached an intraday high of about $225.84 on June 16.
According to data from Yahoo Finance, SpaceX stock extended its post-IPO rally on Tuesday, pushing the company’s valuation close to $3 trillion at its session peak. The surge temporarily lifted the value of Musk’s holdings above the market cap of Bitcoin ($BTC) at $1.31 trillion at the time, making him wealthier on paper than the world’s largest cryptocurrency was worth at that moment.
Source: Yahoo Finance
The milestone followed a remarkable run since SpaceX’s public debut. As reported by crypto.news, SPCX shares climbed to an intraday high of about $225.84 on June 16, placing the stock roughly 67% above its $135 IPO price before surrendering some gains later in the session.
The rally was driven by strong investor demand for the company’s space, satellite, and artificial intelligence businesses and temporarily lifted Musk’s net worth above Bitcoin’s market value at the time.
As crypto.news previously reported, SpaceX’s public listing made Musk the world’s first trillionaire. The stock’s continued advance in the days that followed added hundreds of billions of dollars to his paper wealth, further cementing his position as the world’s richest person.
Notably, retail investors rushed to gain exposure to the IPO before shares began trading. Some reportedly sought additional financing to increase their allocations.
Among them was Anna Watts, a 33-year-old public relations manager from New York, who accumulated $6,500 for the offering and unsuccessfully attempted to secure another $5,000 through both personal and bank loans.
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