Senator Elizabeth Warren was heavily trolled after she called for a wealth tax on Elon Musk, who became the world's first trillionaire following SpaceX's debut on the Nasdaq. In a post on X, the platform owned by Musk, Warren wrote: "Elon Musk just became the world's first trillionaire. The typical American household would have to work more than 11 MILLION years to make Elon Musk's level of wealth. We need a wealth tax."
Reactions from Entrepreneurs and Activists
Argentine-Spanish entrepreneur Martin Varsavsky responded to Warren's call, stating: "When I give my savings to @elonmusk they multiply. When I give them to you and all of the US government, they disappear." Another user commented: "SpaceX alone just created over 5,000 millionaires while you have lifted zero people out of poverty or created zero millionaires (besides yourself)."
Indian-origin MAGA activist Dinesh D'Souza also criticized Warren, saying: "Elon has created thousands of millionaires. The only millionaire you’ve created is yourself. Elon is a wealth creator. You are a looter. While your title is POLITICIAN, your real profession should be called THIEF."
Democratic Support for Wealth Tax
Indian-origin Democrat Ro Khanna also raised the issue of a wealth tax on Musk. He noted that Musk is now worth more than South Africa's GDP and argued that a 5% tax on him could fund free public college and trade school, $10 per day childcare, and special-needs education in the US for one year.
SpaceX IPO Details
SpaceX raised $75 billion through its initial public offering, issuing 555.55 million shares at $135 each. This makes it the world's largest IPO by a wide margin, surpassing the nearly $29 billion raised by Saudi Aramco in 2019. Elon Musk controls about 85% of SpaceX's voting power and approximately 40% of total equity in the rocket manufacturer.
The stock opened at $150 per share, rose to around $168, and closed just below $161, giving the company a market value of $2.1 trillion. This makes SpaceX the sixth-largest publicly traded US company, larger than Tesla, Musk's other major venture.
Musk's Rise to Wealth
Musk first appeared on Forbes' World's Billionaires list in 2012 with an estimated $2 billion fortune, ranking 634th. It took him just nine years to become the world's wealthiest person for the first time in January 2021, as Tesla's shares soared, propelling him past Jeff Bezos for the top spot.
