The world's first trillionaire (kind of)
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What is the main topic discussed in this episode?
This episode is brought to you by our friends at Advanced Pet Food. Ready?
And good morning. This is the Daily Oz. This is the Daily Oz.
What does Elon Musk's trillionaire status mean for the economy?
This is the Daily Oz.
Oh, now it makes sense.
MUSIC
Good morning and welcome to The Daily Oz. It's Tuesday the 16th of June. I'm Emma Gillespie. I'm Sam Kozlowski. A trillion. It's a number so big it almost doesn't make sense. But this week, Elon Musk became the world's first trillionaire thanks to his company SpaceX going public on the stock market.
It is certainly... Hard to believe that a little company that started in a warehouse in El Segundo is now going public with the largest IPO ever.
It means that Musk himself is now richer than most countries and the value of his rocket manufacturing company is on par with the economies of Australia, Mexico and Spain. We are going to explain what any of that actually means and why it matters in today's deep dive. But first, you're going to hear a quick word from TDA's very own editor-in-chief, Billy Fitzsimons.
Hey, it's Billie. I know I am often talking to you on the podcast, but you might not know what I do outside of the podcast. I lead the editorial team at TDA, and a big focus for me at the moment is what we do with AI. As a newsroom, we are operating in a world where misinformation is spreading faster than ever, and AI is changing how people find and consume news, which is why our relationship with you matters more than anything. The strongest thing we have is a direct connection with our audience. So if you're listening to this, hit follow or subscribe wherever you're listening or watching. It's the best way that you can help our independent media company grow. And thank you for being part of the Daily Oz community.
So Elon Musk would be one of the people who I would say is most referred to on this podcast over the last couple of years. I mean, this is a guy who has made his way into almost every aspect of the news and society.
How did SpaceX become the world's most valuable private company?
For those who know too much about Elon Musk, what do we need to know about him in the context of today's discussion?
Yeah, you're right, Sam. There is so much we could talk about when it comes to Elon Musk. But for today's chat, all you need to know is he's a 54-year-old tech entrepreneur, the richest man in the world, now even richer. He owns Tesla and X. He's the co-founder of PayPal, OpenAI, the founder of SpaceX, and that is the company we're going to chat about today. In terms of his wealth, I think it's worth knowing that in mid-2024, he's He was kind of tied in this three-way race with Jeff Bezos, the founder of Amazon, Bernard Arnault, the founder of LVMH, the luxury goods company. And the three of them were kind of swapping around the title of the world's richest person on a near daily basis in mid-2024.
At the time, they were all worth around $200 billion each.
So about $350 billion Australian.
Yeah.
Roughly. Thereabouts. Insane amounts of money then.
Huge money then. Now less than two years later, Musk is worth more than twice Bezos and Arnaud combined.
That is an insane acceleration in wealth. Also interesting that Jeff Bezos has a similar-ish space company that we're going to talk about a bit later.
Yeah.
But that is the big reason for that jump, right, is SpaceX. It has now gone public. Let's talk through what SpaceX actually is.
Yes. So this is the big driver behind Musk's huge wealth increase growth in such a short period. The full name of SpaceX is Space Exploration Technologies Corporation. It was founded in 2002. So this is a company that's been around for a long time, but not one that I'd heard of until the last few years.
Well, I guess space has existed for a while, so you know.
You make a great point there, Sam. It's been on people's minds. And that's why you're here today. SpaceX, though, at its core as a business, it's all about designing, manufacturing and launching rockets, spacecraft and satellites. Now, the satellite component of SpaceX is really important. That includes its own Starlink communication satellites. And as a company overall, SpaceX has completed 662 missions.
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Chapters
6 chapters
1
What is the main topic discussed in this episode?
0:00–0:08
2
What does Elon Musk's trillionaire status mean for the economy?
0:08–2:19
3
How did SpaceX become the world's most valuable private company?
2:19–5:07
4
What are the implications of SpaceX's IPO on Musk's wealth?
5:07–17:21
5
What role does Starlink play in SpaceX's business model?
17:21–20:13
6
How does SpaceX's satellite launch dominance affect the market?
20:13–22:29