Elon Musk becomes world’s first trillionaire after SpaceX shares jump on stock market debut – business live

The record-breaking IPO valued Musk’s company at $1.77tn after raising $75bn through a share offering

SpaceX’s shares will be supported by a number of “forced buyers”, such as tracker funds.

Richard Hunter, head of markets at interactive investor, explains:

The Nasdaq index has tweaked its rules, which has allowed SpaceX to join the index on a fast-track basis. It remains to be seen whether the company will have a disproportionate effect on the index in terms of weighting, but in any event its inclusion guarantees some additional and significant buying pressure.