It lifted off at 4:14pm (2:14am Bangladesh time) from the Kennedy Space Center.
Bangabandhu-1 will provide satellite television, internet access, and emergency communication services, as well as broadband to rural areas in Bangladesh, and will be operated by the newly-formed state-owned company the Bangladesh Communication Satellite Company Ltd, after having been led by the Bangladesh Telecommunication Regulatory Committee (the BTRC) up until this point.
He, along with hundreds of Bangladeshis including Prime Minister's ICT Affairs Adviser Sajeeb Wazed Joy, watched the first 36 minutes of the launch. The new version of the rocket is outfitted with upgrades created to make it more durable so it can be reused as many as 10 times, dramatically cutting the costs of space missions.
It's all part of Musk's plan to make space travel accessible to everyone, and eventually allow people to land on Mars.
His daughter Sheikh Hasina is the incumbent Prime Minister of Bangladesh.
Students and teachers of Dhaka University (DU) watched the launch of Bangabandhu-1 on two big projection screens installed by the university authorities on the campus, and celebrated the historical moment amid festivities.
The launch, telecast live, was welcomed in Bangladesh, with experts saying it will serve as a milestone in the telecommunication sector.
Mohammad Ziauddin, Bangladesh's ambassador to the US, called it a historic occasion and a matter of great pride for his country's citizens.
"Bangladesh entered the space era, with this flawless and successful launching [of the satellite]".
Space X tweeted: "Successful deployment of Bangabandhu Satellite-1 to geostationary transfer orbit confirmed". She recalled how the Founding Father of Bangladesh, Sheikh Mujibur Rahman, had within three years of independence, "established the first Satellite Earth-Station at Betbunia, Rangamati in 1974".
Friday's trip marked the SpaceX launch so far this year, compared to five orbital-class missions the organization had photographed in an identical stage in 2017, according to Musk.
After a day's delay, Bangladesh's first satellite was today successfully launched atop the first SpaceX Falcon 9 Block 5 rocket. Capable of launching spacecraft to Mars - Musk's ultimate ambition is to colonize the red planet - the BFR will replace not only the Falcon 9, but the brawny Falcon Heavy.