Senator Elizabeth Warren has come under fire for demanding a wealth tax on Elon Musk.
Senator Elizabeth Warren came under royal fire when she called for a wealth tax on Elon Musk after Musk became the world’s first trillionaire following SpaceX’s debut on the Nasdaq. “Elon Musk just became the world’s first trillionaire.
The typical American family would have to work more than 11 million years to reach Elon Musk’s level of wealth.
“We need a wealth tax,” Warren posted on the Musk-owned website X.Argentine-Spanish businessman Martin Varsavsky responded to Warren’s calls and wrote: “When I give my savings to @elonmusk they double. When I give them to you and the entire US government, they disappear.”“SpaceX alone has created over 5,000 millionaires while lifting no one out of poverty or creating any millionaires (besides you),” another wrote.
Dinesh D’Souza, an Indian-origin MAGA activist, said: “Elon has created thousands of millionaires. The only millionaire you have created is you. Elon is a wealth maker. You are a thief. While your title is a politician, your real profession should be called a thief.”
Indian-origin Democrat Ro Khanna also raised the issue of imposing a wealth tax on Elon Musk to become a trillionaire. He said Musk was now worth more than South Africa’s GDP, and if the US imposed a 5% tax on him, he could fund free public college and trade schools, 10% daily child care, and special needs education in the US – in one year.
SpaceX raised $75 billion through its IPO, issuing 555.55 million shares worth $135 per share. 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 the voting power in SpaceX and controls about 40% of the total shares in the rocket manufacturer.SpaceX stock opened at $150 a share, then rose to around $168, before ending the day at just under $161.
That price gave the company a market value of $2.1 trillion, making it the sixth-largest public U.S. company — bigger even than the other big company headed by its founder and CEO, electric car maker Tesla.Musk first appeared on Forbes’ annual list of the world’s billionaires in 2012, with an estimated fortune of $2 billion, ranking him as the 634th richest person in the world. From there, it took Musk just nine years to become the world’s richest person for the first time in January 2021, as Tesla shares soared, pushing Musk past Bezos to take first place.
