Following commercial space flight giant Space Exploration Technologies Corp.'s (NASDAQ:S PCX) successful IPO, CEO Elon Musk thinks it may be time to make good on a promise from 2015.
Elon Musk Wants Volcanic Lair
In a post on X on Sunday, Musk quoted a post he made in 2015 as SpaceX was trying to land the Falcon 9 rocket upright, which the company eventually did in December 2015. "If this works, I'm treating myself to a volcano lair. It's time," Musk said in the post.
"Time to get that volcano lair I've always wanted," Musk said, sarcastically saying that there were options "in the "Beyond" section" Bed Bath & Beyond, Inc. (NYSE: BBBY).
SpaceX IPO Makes Elon Musk A Trillionaire
The comment comes as SpaceX went public on Friday, selling 555.6 million shares at $135/share. The listing helped raise $75 billion for the company, making it the largest IPO as it surpassed Saudi Aramco's debut in 2019. The stock opened at $150 on Friday, with a high of $176.52.
SpaceX closed its first session at $160.95, up 19%, leading to a valuation of $2.1 trillion for the company. SpaceX was already worth more than 12 aerospace and defense companies listed on the S&P 500 index.
According to the Bloomberg Billionaires Index, Musk is worth $1.1 trillion, leading to Economist Peter Schiff weighing in on the Tesla Inc. (NASDAQ: TSLA) CEO's fortune, which is worth more than that of oil mogul J.D. Rockefeller.
SpaceX IPO Draws Criticism
Musk's wealth milestone has been heavily criticized by Democratic lawmakers, including New York City Mayor Zohran Mamdani, who said that the milestone was "reason #1,000,000,000,000" that illustrates the need for a wealth tax on society's richest members.
The milestone was also criticized by Sen. Elizabeth Warren (D-Mass.), as well as Gov. Gavin Newsom (D-CA), who said that Americans were "struggling" to get everyday goods and gas, while Musk became a trillionaire.