Few business leaders have integrated themselves as deeply into popular culture as Elon Musk, the ambitious entrepreneur who became a central figure in Internet culture and amassed a fortune that made him the world's first trillionaire, writes Reuters on Friday.
At a time when concerns about economic inequality are growing and public perception of the ultra-rich has deteriorated, Musk has managed to retain a loyal base of supporters.
He did so despite his staggering wealth and without the common-man image that made other tycoons such as Warren Buffett, nicknamed the “Oracle of Omaha,” popular among the general public, who officially handed over the baton to Berkshire Hathaway earlier this year.
Admirers believe that his direct, unfiltered style is a big part of his appeal. Critics, instead, accuse him of wielding influence comparable to that of an oligarch, raise questions about the governance of his companies and challenge his growing involvement in increasingly partisan political debates.
Record amount raised by SpaceX
However, SpaceX, the expanding company that makes rockets, satellites and artificial intelligence technology and which, along with electric car maker Tesla, forms the center of Musk's empire, raised a record $75 billion in its initial public offering on Thursday, underscoring investor enthusiasm for its business initiatives.
Before the stock sale, Forbes estimated his net worth at about $780 billion, well ahead of the next-highest, Alphabet co-founder Larry Page.
“The second-richest person is worth around $300 billion, less than a third of what Musk could be worth tomorrow,” said Matt Durot, deputy editor of Forbes Wealth. “And only one other person, (Oracle founder) Larry Ellison, has ever had a $400 billion fortune.”
Most of Musk's fortune now resides in SpaceX, where he owns a stake worth about $866 billion. Together with Tesla and the rest of his holdings, his net worth will exceed $1.1 trillion when shares begin trading on Friday, according to Forbes and Reuters calculations based on company filings.
Musk became a household name through Tesla and SpaceX before expanding his influence with the $44 billion acquisition of social media platform Twitter in 2022, which he later renamed X.
Elon Musk's entry into politics
The deal gave him a direct channel to hundreds of millions of users and made him a prominent voice on issues ranging from politics and immigration to government spending and free speech.
His foray into politics, particularly his role in US President Donald Trump's Department for Government Efficiency last year, has been one of his most controversial initiatives.
The political fallout coincided with Tesla sales falling in several international markets in 2025 amid protests and consumer boycotts directed at the electric vehicle maker.
Elon Musk's companies
Musk, 54, was born in Pretoria, South Africa, to a Canadian mother and a South African father. He studied at the University of Pennsylvania, graduating in 1997.
He took the helm at Tesla in 2008 with the belief that electric vehicles can combine high performance with software-based functionality, helping to redefine the global automotive industry.
Some auto industry analysts believe that Tesla's success and its market capitalization of more than a trillion dollars has forced traditional manufacturers to accelerate the transition to electric cars.
Many investors believe Musk can repeat this feat in space exploration and artificial intelligence. Still, SpaceX continues to require significant investment, and much of the company's valuation is based on technologies that could take years or even decades to become profitable on a large scale.
Controversy and praise
In addition to Tesla and SpaceX, Musk co-founded five other companies, including tunneling startup The Boring Company and brain implant maker Neuralink.
As CEO of Tesla, Musk has sparked equal parts controversy and admiration. He is credited with turning Tesla into the world's most valuable automaker.
CEOs of traditional automakers dismissed the threat for years, skeptical that a start-up car company could find a way to mass-produce electric vehicles at a profit.
“He restored the world's respect for American ingenuity in automotive engineering,” said Bob Lutz, former vice president of General Motors.
At the same time, Tesla has faced lawsuits and shareholder concerns about its famous CEO, particularly his 2018 pay package, which at one point reached $56 billion.
“The First Elon Musk”
Musk's influence has become so pervasive that market analysts have dubbed the network of businesses around him “Muskonomy,” the ecosystem of companies built around him.
The phenomenon has given rise to what some investors call the “Elon premium,” a rise in value driven as much by confidence in Musk's vision as by traditional financial metrics.
“Like Tesla, SpaceX is a bet on Elon Musk,” said Matt Kennedy, senior strategist at Renaissance Capital, a provider of IPO-focused research.
“A market cap of $1.5-2 trillion would certainly throw all traditional valuation methodologies out the window and can best be characterized as the 'first Elon Musk'.”
Musk without filters
The concentration of so much influence around a single entrepreneur has fueled concerns about corporate governance, conflicts of interest and the risks associated with over-reliance on a single person.
Over the years, Musk has turned disputes with regulators, other billionaires, investors betting against his stock, journalists and media organizations including Reuters into recurring public confrontations, often played out on social media.
Musk's alliance with Trump followed a similar pattern. After helping finance Trump's return to the White House and serving in an advisory role on the administration's DOGE initiative, Musk has become one of the president's closest corporate allies.
The relationship later deteriorated amid disagreements over policy and spending, degenerating into a public spat. Although the two have since taken a more conciliatory tone, the rift between them highlighted the increasingly blurred lines between Musk's business empire and his political ambitions.
For many investors, however, concerns about Musk's often unconventional behavior are overshadowed by his track record of turning ambitious ideas into some of the world's most valuable companies.
“Elon is the Edison of our age,” JPMorgan Chase CEO Jamie Dimon said during a recent conversation with Musk.
The banker, who has been in a long legal battle with Musk in the past, has since become an admirer of his. Dimon told CNBC last year that the two had “reconciled” and described Musk as a visionary, a “modern-day Einstein.”
