California · SpaceX · Tesla · Elon Musk · Democrats · Donald Trump · NBC News Tech
Elon Musk is set to become the world’s first trillionaire
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Progressive politicians are sharpening their attacks against tech tycoon Elon Musk, zeroing in on his soon-to-be-trillionaire status days before his company SpaceX’s record-setting initial public offering.
Key facts
- A trillionaire is someone who has $1,000,000,000,000 or more, or 1,000 times the threshold for a billionaire
- In California, voters may see a ballot referendum this fall on whether to impose a new 5% tax on people with net worths of more than $1 billion, echoing similar proposals that have been introduced
- Musk is approaching $1 trillion at a key time for the wealth debate
- For anyone concerned about rising inequality, it’s no longer about “millionaires and billionaires” Walmart’s market capitalization is about $910 billion, and is roughly equal to the gross domestic
Summary
Musk, the wealthiest person in the world, is expected to become its first trillionaire when his rocket company begins selling shares to the public as soon as next Friday, June 12. While Musk has already faced intense criticism from Democrats after his chain saw-wielding tenure in the Trump administration, his rise to trillionaire status is making him an even bigger target among politicians who want to highlight the nation’s wealth gap ahead of the midterm elections. “Income inequality is a huge problem in America and having our first trillionaire vividly illustrates the problem,” Darrell West, a senior fellow at the Brookings Institution who researches the subject, said in an email. A trillionaire is someone who has $1,000,000,000,000 or more, or 1,000 times the threshold for a billionaire.