From Mania Saini and Nikit Nishant

June 14 (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 similar to that of wealthy individuals who are influential in politics and economics, and they draw attention to 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 manufacturer 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. Its stock saw a sharp rise on its first day of trading.

After the IPO, Forbes estimated his net worth at $1.1 trillion , far ahead of his closest rival, Alphabet co-founder Larry Page, who came next in the rankings.

"The second richest person has a net worth approaching $300 billion," said Matt Dorrott, vice editor of Forbes Wealth, 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. His current net worth of $1.1 trillion includes equity holdings that will accrue to him gradually.

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 managing government efficiency within the administration of 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 boycott campaigns 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-digging startup, and Neuralink, a brain chip implant company.

As CEO of Tesla, Musk has been both controversial and praised. He is credited with transforming Tesla into the world's most valuable car company by market capitalization. For years, traditional automakers ignored this threat, doubting the ability of a fledgling company 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 overturn all traditional valuation methodologies and could instead be described as an 'Elon Musk premium'."

* Mask's influence

The concentration of power around a single businessman has exacerbated concerns about how companies are run, conflicts of interest, and the risks of closely tying the fate of companies to one person.

Over the years, Musk has turned his disputes with regulators, billionaires, investors betting against company stocks, journalists, and media organizations, including Reuters, into frequent public battles that often take place on social media.

Musk's alliance with Trump followed a familiar pattern. After helping to fund his election campaign that returned him to the White House, and holding a senior advisory position through the Government Efficiency Management Initiative, Musk became one of the president's closest allies from the business world.

But relations between them later soured amid disagreements over policy and spending, escalating into a public feud. Although the two have since adopted a more conciliatory stance, their dispute highlighted the blurring lines between Musk's business empire and his political ambitions.

However, many investors believe that concerns about Musk's often unconventional behavior pale in comparison to his track record of turning ambitious ideas into some of the world's most valuable companies.

“Elon is the Edison of our time,” said Jamie Dimon, CEO of JPMorgan Chase, during a recent conversation with Musk.

The banker, who had been an adversary of Musk in a long legal battle, has become one of his supporters. Dimon told CNBC last year that the two had "made peace," and praised Musk, calling him "the Einstein of our time."