From Mania Saini and Nikit Nishant

June 12 (Reuters) - Few business leaders have had such a dominant presence in popular culture as Elon Musk, the ambitious entrepreneur who became an internet icon and amassed a huge fortune that made him the world's first trillionaire.

At a time when concerns are rising about inequality and public opinion is deteriorating towards the super-rich, Musk has managed to maintain a loyal fan base, despite his astronomical wealth and without the down-to-earth, approachable personality that characterized other businessmen like Warren Buffett.

While fans see Musk’s outspoken and uninhibited style as part of his appeal, his critics accuse him of wielding influence akin to that of wealthy individuals who are influential in politics and economics, and raise concerns about governance in his companies, as well as objecting to his increasingly partisan political interventions.

However, SpaceX, the rocket, satellite and artificial intelligence company that, along with electric car company Tesla, forms the backbone of his empire, successfully raised a record $75 billion in its initial public offering on Thursday, reflecting investor enthusiasm for his projects.

Prior to the IPO, Forbes estimated his wealth at around $780 billion, far ahead of his closest rival, Alphabet co-founder Larry Page.

Matt Dorott, vice editor of Forbes Wealth, said, "The second richest person has a net worth close to $300 billion, less than a third of what Musk's net worth could be," noting that only one person, Oracle founder Larry Ellison, has ever had a net worth exceeding $400 billion.

The bulk of Musk's wealth is currently concentrated in SpaceX, where he owns a stake valued at approximately $866 billion. Adding his investments in Tesla and other assets, his net worth is expected to exceed $1.1 trillion when the stock begins trading on Friday, according to Reuters calculations based on company disclosures.

Musk became a household name thanks to Tesla and SpaceX, before expanding his influence by acquiring Twitter in a $44 billion deal in 2022, giving him a direct channel to hundreds of millions of users and making him a prominent voice on issues ranging from politics and immigration to government spending and freedom of speech.

But his foray into politics, particularly his role last year in managing government efficiency under US President Donald Trump, was among his most controversial moves. The political fallout coincided with declining Tesla sales in several global markets during 2025, amid protests and boycotts targeting the electric car manufacturer.

* 'Elon bonus'

Musk, 54, was born in Pretoria, South Africa, to a Canadian mother and a South African father. He attended the University of Pennsylvania and graduated in 1997.

He took over as CEO of Tesla in 2008, driven by his conviction that electric vehicles could combine high performance with advanced software features, a move that helped reshape the global automotive industry. Some industry observers say that Tesla's success, and its market capitalization exceeding $1 trillion, has prompted traditional automakers to switch to electric vehicles.

Many investors are betting on his ability to replicate this success in the fields of space and artificial intelligence. However, SpaceX remains in dire need of funding, and much of its value depends on technologies that may take years or even decades to become commercially viable.

In addition to Tesla and SpaceX, Musk co-founded five other companies, including The Boring Company, a tunnel-boring startup, and Neuralink, a brain-chip implant company.

As CEO of Tesla, Musk has generated both controversy and praise. He is credited with transforming Tesla into the world's most valuable car company. For years, leaders of traditional automakers dismissed this threat, doubting the ability of a startup to mass-produce electric vehicles profitably.

"Elon Musk has restored the world's respect for American automotive engineering innovation," said Bob Lutz, former vice president of General Motors.

Musk's influence has become so widespread that market observers have dubbed the network of companies surrounding him the "Musk economy." This phenomenon has given rise to what some investors call the "Elon premium," an increase in the valuations of his companies driven not only by traditional financial indicators but also by investors' confidence in Musk's vision and ambitions.

Matt Kennedy, senior analyst at Renaissance Capital, a firm that provides research focused on IPOs and ETFs, said, "As was the case with Tesla, SpaceX is a bet on Elon Musk."

He added, "A market value of between $1.5 trillion and $2 trillion would certainly override all traditional valuation methodologies and could instead be described as an 'Elon Musk premium'."