Elon Musk is the richest person in the world with a net worth of $227 billion. A $1 bill is comparable to less than a penny to Musk, but one particular $1 bill involving Musk is worth $7,500 and could be a collectible for fans of Musk, SpaceX and Tesla Inc (NASDAQ:TSLA).
Elon Musk Asset: Alternative investment company Rally, which offers shares in assets on its platform, is debuting on Tuesday, July 12 the first piece in what could become a category of Musk-related assets.
A $1 bill signed by Musk will go live with an initial offering on Rally at 12 p.m. ET. The asset is valued at $7,500 and will be sold as 3,750 shares at a price of $2 each.
“We purchased this asset privately through our network of collectors,” Rally co-founder and Chief Product Officer Rob Petrozzo told Benzinga. “We’re always looking for unique items from important names in pop culture and technology.”
Petrozzo said the population of autographs from Musk is small and items typically sell at auction in ranges of $5,000 to $10,000 when they become available.
“We felt like pricing it within that range, relative to the great condition of this slabbed version, was a way to make the total value and share price approachable for all investors.”
Petrozzo said Musk autographs are rare and they typically consist of his signature on magazines and photos or in some cases Tesla-related documents.
“Other than some of the early Model S Teslas that he signed when they came off the line, the dollar bills have become more popular amongst collectors.”
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Musk Demand From Users: Rally, which offers autographed memorabilia from presidents, athletes, authors and musicians, has also offered autographed items and early assets from Apple Inc (NASDAQ:AAPL) and its co-founder Steve Jobs.
“Elon has the same level of fame and relevance, if not more, to many of our investors. If you say ‘Elon,’ everyone knows who you’re talking about — no second name needed,” Petrozzo said. The same can be said for Orwell, Elvis, LeBron and many of the most relevant names on Rally.
Demand for Musk-related items has been strong from Rally users, Petrozzo told Benzinga.
“We’ve had a lot of requests for Tesla and SpaceX-related assets — everything from early production roadsters to rockets. We’ve had a few opportunities along the way to securitize Elon-related assets, but we felt like this one was a good entry point in terms of price and relevance.”
What’s Next: Petrozzo said the asset could see strong demand on Rally based on excitement on social media.
“It’s the first Elon offering on Rally, so we’ll definitely be watching,” Petrozzo added.
The average Rally user is 30 years old, which could create demand from a group of users who grew up with Musk as a prominent name in the world.
“This meets the mark on a number of fronts, and I think when you factor in the fact that the average Rally user is around 30 years old and typically very tech empathetic, this particular offering is poised to find a big audience.”
Petrozzo said Rally could offer more Musk-related assets on the platform in the future, including potentially offering shares in low serial number early Tesla vehicles.
“I can see a world where the Elon Dollar Bill and an early Tesla Roadster both live on the platform next to each other.”
Petrozzo said Rally started the Apple and Jobs category with one asset and now has assets ranging from an iPad prototype, a sealed first-edition iPod and now an autographed Steve Jobs MacWorld issue in the same category.
