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

Musk's stake in SpaceX is now worth more than twice his stake in Tesla.

Tesla's profit has fallen sharply, yet the stock trades at about 370 times earnings.

A publicly traded SpaceX gives the market a new way to bet on Musk -- without owning Tesla.

Tesla (NASDAQ: TSLA) and SpaceX (NASDAQ: SPCX) CEO Elon Musk just crossed a line no one ever has. With the public-market debut of SpaceX on Friday, the value of his stake in the rocket and satellite company pushed his net worth past $1 trillion, making him the world's first trillionaire. In fact, as of this writing, he's worth more than the next four people on the global wealth rankings combined.

But for the millions of people who own Tesla stock, the milestone is less a story about Tesla than about where Musk's fortune now sits. After Friday's debut, his SpaceX stake was worth more than $760 billion -- well over twice the value of the Tesla shares he holds. The company that made Musk famous is no longer where most of his wealth lives.

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Tesla, still about a $1.3 trillion company, is now just one of two enormous public companies Musk leads. Here's a closer look at what that means for its shareholders.

SpaceX priced its initial public offering (IPO) at $135 a share, opened around $150 on Friday, and pushed higher from there, ending its first trading day valued at more than $2 trillion. That makes the rocket maker one of the largest companies in the United States, built on an offering that raised about $75 billion.