Musk looks to an army of loyalists to help make him a trillionaire

The SpaceX IPO is expected to set records Friday and mark a new pinnacle in Wall Street’s retail revolution

- Hannah Brenton

Leon Noory wants in on the biggest stock market debut of all time. Elon Musk is counting on him.

Noory, a 41-year-old fintech entrepreneur, spent years listening to Musk’s video and podcast interviews. Tesla stock makes up some 85% of his net worth, and when shares of SpaceX start trading, he plans to buy. “What’s there to think about?” Noory said.

He doesn’t consider himself a Musk fanboy, just a believer in the tech founder’s vision of a multiplanetary future powered by superhuman artificial intelligence. “You have a limitless industry with Elon Musk at the helm,” Noory said.

On Friday, the SpaceX stock ticker is expected to make its debut in the biggest initial public offering of all time: Musk plans to raise close to $72 billion in a deal that could make him the world’s first trillionaire.

The stock offering also will be a landmark moment for everyday investors in Wall Street’s retail revolution.

Over the past few years, individual investors have coalesced into a market-moving force, upending hedge-fund bets, salvaging struggling companies and sending favored stocks straight to the moon. Total volume for both retail stock and options trades reached new records in May, according to Citadel Securities.

Their power is expanding, and Musk knows as well as anyone how to tap it. At Tesla, individual investors make up about a third of the shareholder base. Their faith and enthusiasm helped the company’s valuation reach a level that surpasses the next 30 largest automakers’ combined—despite ranking 12th in U.S. sales.

Musk has promised to return the favor. “I’m a huge fan of small retail investors,” he wrote in a 2020 tweet about a potential public offering of SpaceX or its Starlink business. “Will make sure they get top priority. You can hold me to it.”