Elon Musk is now the world’s first trillionaire thanks to SpaceX’s record-breaking debut on the stock market. That milestone has produced a backlash with some Democratic officials reviving talk of a wealth tax.The SpaceX initial public offering “thrust the richest man in the universe into an unexplored frontier of wealth,” said Wired. (Much of that fortune is “tied up in shares” in SpaceX and Tesla.) It also sparked a “tax-the-rich push” from Democrats, said Bloomberg. Musk’s vast holdings are a “sign the system is rigged,” Rep. Ro Khanna (D-Calif.) said in an email to supporters, per the outlet. A “typical” American family would “have to work more than 11 MILLION years to make Elon Musk’s level of wealth,” Sen. Elizabeth Warren (D-Mass.) said on X.
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