SpaceX's Stock Surges 20%, Boosting Elon Musk's Net Worth to a Record $1.3 Trillion

Elon Musk's fortune increased by a staggering $165 billion on Monday, reaching a record high of $1.3 trillion after SpaceX's stock surged 20% in its first full trading day after the historic IPO.

The company's shares rose by more than 19.5% on Monday, closing at over $192 and extending the opening rally of 19% seen on Friday. Meanwhile, Tesla shares also rose slightly, by 1.2%.

The boost in SpaceX shares contributed to a $164.8 billion increase in Musk's net worth, valued at a record $1.3 trillion. This puts him approximately $1 trillion clear of Google co-founder Larry Page ($301.4 billion), who Forbes ranks as the world's second-wealthiest person.

Musk owns 4.8 billion SpaceX shares and an additional 350 million stock options with an exercise price of $8.40 per share, bringing his stake to about 38%.

SpaceX raised $85.7 billion in its IPO, which came after the brokers behind the offering purchased an additional 83.3 million shares to accommodate stronger investor demand following the company's initial $75 billion raise. The initial public offering reportedly brought in more than $350 billion, including roughly $100 billion from retail traders and the remaining $250 billion from institutional investors.

SpaceX's trading debut last week swelled Musk's stake in the company to about $821 billion, making him the world's first trillionaire, with a net worth of $1.1 trillion. His fortune has soared ahead of the trillion-dollar milestone and is the latest of many over the last year, after Musk in October became the first person to be valued at $500 billion, then hit $600 billion in December and $700 billion just four days later.