Mamdani Urges Taxing Rich After Musk Hits $1 Trillion in SpaceX IPO
Updated
Updated · Business Insider · Jun 12
Mamdani Urges Taxing Rich After Musk Hits $1 Trillion in SpaceX IPO
3 articles · Updated · Business Insider · Jun 12
Summary
Zohran Mamdani seized on Elon Musk’s new trillionaire status Friday, posting on X that it was “reason #1,000,000,000,000” to tax the rich.
SpaceX shares jumped to $150 after pricing at $135 in the historic IPO, pushing Musk past $1 trillion and far beyond Larry Page, whose fortune is about one-quarter as large.
Mamdani’s response fits his progressive agenda: he campaigned on higher taxes for the wealthy, and New York City’s new tax on multimillion-dollar second homes has already drawn backlash from affluent residents.
The clash also extends beyond policy. Musk backed Andrew Cuomo against Mamdani in last year’s mayoral race, even as Mamdani has echoed Musk’s efficiency message with a new city government-efficiency commission.
With $38 billion in public support, is the space economy creating shared prosperity or just the world's first trillionaire?
As SpaceX's valuation soars, are everyday investors buying into a groundbreaking future or just an overvalued stock?
Elon Musk Becomes World’s First Trillionaire: The Wealth Tax Battle, Political Fallout, and the Future of Inequality
Overview
On June 12, 2026, Elon Musk became the world’s first trillionaire, driven by the soaring value of SpaceX after its public offering. This historic milestone not only increased Musk’s wealth by $326 billion but also created thousands of new millionaires among SpaceX employees. Musk’s achievement immediately sparked intense political debate, with lawmakers and progressive groups pushing for new wealth taxes. California responded by placing a billionaire wealth tax initiative on the November ballot, reflecting growing public concern over wealth concentration and setting the stage for a broader national conversation about taxing the ultra-rich.