Elon Musk Is Now the World's First Trillionaire. For Tesla Shareholders, the More Important Question Is What Comes Next.

Elon Musk became the world's first trillionaire following SpaceX's IPO, with his SpaceX stake now worth more than twice his Tesla holdings. While Tesla remains a $1.3 trillion company, it now competes with SpaceX for Musk's attention and capital. Tesla faces challenges including declining profitability and a 370x earnings valuation that depends entirely on Musk's vision for autonomous vehicles and robots. The public SpaceX offering gives investors an alternative way to bet on Musk's ambitions without exposure to Tesla's struggling car business.