February 10 (UPI) — The IPO of SpaceX’s Starlink project, a space exploration company, could put CEO Elon Musk ahead of Jeff Bezos as the world’s richest man, according tomedia reports. Last week, Gwynne Shotwell, SpaceX’s president, said at an investor event in Miami that the company planned to spin off Starlink and seek an initial public offering.
In January 2015, Musk announced SpaceX’s satellite Internet service. SpaceX plans to launch about 12,000 communications satellites into orbit, a project named Starlink.
“The project aims to provide a wide range of broadband and communications services to residential, commercial, institutional, government and professional users worldwide,” SpaceX said in a filing with regulators. “
Musk’s net worth is only about $38 billion. By contrast, Bezos has a net worth of $125 billion, so Musk has a long way to go before he can beat Bezos.
If Musk can unlock the huge compensation package negotiated in 2018, his net worth could be close to Bezos’s, and SpaceX’s Starlink IPO could help him overtake several other super-rich to become the world’s richest man.
On March 21, 2018, Tesla’s special shareholders approved Musk’s compensation package for the next decade. Under the plan, Musk’s compensation is tied to Tesla’s market value and operating performance of about 20.3 million stock options, with no other cash wages and incentives.
If Amazon were to grow at an annual rate of just 10 per cent between now and 2028, Mr Bezos’s 59.1m shares would be worth about $263bn. By comparison, Musk’s potential net worth in 2028 is only $79 billion less than Bezos’s.
If Starlink’s IPO values the company at $75 billion by 2028, Musk could become the world’s richest founder.