Musk tops $1.2 trillion after SpaceX IPO values company above $2 trillion
Why it matters: The milestone sharpened a US debate over extreme wealth, drawing criticism from New York Mayor Zohran Mamdani and Sen. Elizabeth Warren.
Elon Musk’s net worth climbed to about $1.2 trillion on June 12 after SpaceX’s initial public offering lifted the company’s market value past $2 trillion, making him the first person to reach trillionaire status. The milestone drew immediate political blowback in the United States, where critics tied it to widening wealth inequality. New York Mayor Zohran Mamdani wrote on X that it was another reason to tax the rich, while Sen. Elizabeth Warren said an average US household would need more than 11 million years to build that level of wealth. The moment also revived comparisons with John D. Rockefeller, who became America’s first billionaire in 1916 during a boom in Standard Oil shares.