SpaceX value surges above Amazon as Elon Musk's personal wealth crosses $1 trillion
Elon Musk's Space X has overtaken Amazon as the fifth-largest company in the world in a blow to Jeff Bezos. .
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Elon Musk's Space X has overtaken Amazon as the fifth-largest company in the world in a blow to Jeff Bezos. Musk's rocket company, which went public on Friday, now has a market value of nearly $3 trillion (£2.2tn), surpassing Bezos's Amazon by $300bn.On Friday, Mr Musk became the world's first trillionaire after floating SpaceX on the Nasdaq stock exchange, in which he owns a 34% share.The company briefly overtook Microsoft as its shares surged by more than 14% on Tuesday, reaching $220 (£164) compared to the $135 (£101) flotation price.The success of SpaceX will add to the fierce rivalry between Mr Musk and Mr Bezos, who is developing his own space exploration technology, including Blue Origin, which he founded in 2000.The company said in its IPO prospectus that the biggest potential market was the sale of business-oriented AI products, an ambition which is set to be helped by the Cursor acquisition.Read More: Tech Secretary hits out at Elon Musk over 'online violence' and 'vile' deepfake images on XRead More: LBC callers turn fiery during intense Elon Musk row
The value of Mr Musk's stake in the company rose from $700bn on Friday to $1.1tn on Tuesday.It came as SpaceX announced it would be buying Cursor, an AI coding start-up, for $60tn.Last year, Mr Musk also purchased xAI, which is behind the controversial Grok chatbot.The deal will see Musk’s spaceflight and technology business take over Anysphere, the San Francisco-based company behind the coding platform.It comes with a hefty price tag which is based on Cursor’s stock valuation.SpaceX said in April that it had started working with Cursor to jointly train an AI model, and that it had been given the right to acquire the firm.Cursor works by using AI technology to automate parts of the process of writing code and support software development.
