2 minMusk the trillionaire: why SpaceX, not Tesla, now drives his fortune, and why that matters to Tesla
SpaceX's IPO made Elon Musk the first person worth more than $1 trillion. How his wealth shifted, where his time goes, and the questions it raises for Tesla shareholders.
When SpaceX listed on Nasdaq in June 2026, Elon Musk became the first person ever with a verified net worth above $1 trillion, according to Forbes. For years Tesla was the main source of his fortune. That has changed, and it matters for Tesla.
How the balance shifted
- SpaceX: priced at $135 per share in June and valued at about $1.77 trillion at the offer price, closing its first day at a market value of about $2.1 trillion. Musk owns roughly 42% of the shares and about 82% of the votes.
- Tesla: Musk remains the largest shareholder, but his stake is far smaller in percentage terms, and his new pay plan has not yet paid out any shares.
- AI: SpaceX now also owns the former xAI, including Grok and X, so Musk's AI ambitions sit mainly outside Tesla.
Where his time goes
Musk is CEO of both Tesla and SpaceX. On SpaceX's third-quarter call, he said he spends four days a week at the Colossus AI data centres in Memphis. Tesla's own AI work, from FSD to Optimus, also takes his attention, and the two companies are planning a shared chip factory, Terafab. For Tesla shareholders, the question of how much of Musk's time and loyalty goes to Tesla is not new, but it has become sharper now that SpaceX is a public company with its own investors to answer to.
Why the merger talk makes sense to some
Tesla and SpaceX have set up committees to study a combination. Supporters argue it would end the conflicts of interest over AI, chips and shared resources and put all of Musk's attention in one place. Critics worry about Musk's control: Barclays estimates that in an all-stock merger he would hold about 37% of the equity and 56% of the votes, and they question whether Tesla shareholders would be paid fairly.
What to watch
Any merger proposal from the committees, Tesla's shareholder meeting on December 3, and whether Tesla's board sets clearer expectations about Musk's time commitment.
This article is for information only and is not financial advice.
