Musk fortune tops Bitcoin after SpaceX rally
- Elon Musk's net worth briefly exceeded Bitcoin's market value after SpaceX shares climbed to an intraday high of US$225.84.
- The milestone sparked renewed debate over wealth taxes and the concentration of wealth in the United States.
- A separate lawsuit against xAI and SpaceX has raised fresh questions about AI safety and corporate oversight.
Elon Musk's net worth briefly climbed to nearly US$1.4 trillion after SpaceX shares reached an intraday high of about US$225.84, exceeding the market value of Bitcoin (CRYPTO:BTC) at roughly US$1.31 trillion at the time.
The move followed a strong rally in SpaceX stock after its public listing, with shares trading about 67% above their US$135 initial public offering price before giving back some gains.
“The fastest path to $1M Bitcoin is to convince Elon Musk to put 10% of his net worth into BTC,” said crypto analyst Scott Melker.
The increase in Musk's paper wealth triggered debate over wealth taxation after Senator Elizabeth Warren renewed support for a proposed wealth tax, while Solana (CRYPTO:SOL) co-founder Anatoly Yakovenko argued that taxing unrealised gains could reduce investment and hiring.
Investors continued to focus on SpaceX's expanding space, satellite and artificial intelligence businesses that helped drive the company's valuation towards US$3 trillion; following the announcement SpaceX shares were lower than their session peak after surrendering part of the day's gains.
The rally added to Musk's position as the world's richest person and came as retail investors sought exposure to SpaceX following its public market debut.
A separate lawsuit filed by a former engineer against xAI and SpaceX alleges retaliation linked to concerns over Grok's safety testing procedures, adding regulatory and legal scrutiny to Musk's businesses as the companies continue to expand.
At the time of reporting, Bitcoin price was $65,692.08.
