Rise of the Trillionaire Class - Elon Musk Set To Become World's 1st Trillionaire: Thom Hartmann

Last edited Fri Jun 12, 2026, 08:19 PM - Edit history (2)

- Thom Hartmann, June 12, 2026. (12:37 mins). Elon Musk is less than 24 hours from becoming the world's first trillionaire as SpaceX prepares for its IPO. Data is giving Musk a 97% chance of becoming a trillionaire this year.
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- The Guardian, 'SpaceX makes $1.77tn stock market debut with Elon Musk likely to become world’s first trillionaire today' – business live, June 12, 2026. Edit.
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Oxfam have also released polling showing that 6 in 10 Britons (60%) think it is unacceptable for any individual to hold more than £1 trillion in personal wealth. A timely finding, as SpaceX’s IPO appears to be poised to catapult Elon Musk into that position. The charity adds: At the same time, three quarters of the public (76%) support a 2% wealth tax on assets over £10 million, which Oxfam says could raise an estimated £24 billion every year to help rebuild public services, reduce poverty and tackle inequality in the UK and around the world.

71% also believe the current economic system works mainly in the interests of the very wealthy rather than ordinary people - a finding the charity says reflects growing public frustration with extreme inequality and falling living standards.. Democrats blast Musk's new trillionaire status A host of prominent Democrats criticized Musk on X as SpaceX shares began to trade, framing his growing fortune as an example of glaring inequality in the US and a broken system.

Several, including Senators Bernie Sanders and Elizabeth Warren, called for legislation to tax extreme wealth. “The typical American household would have to work more than 11 MILLION years to make Elon Musk’s level of wealth,” Warren posted. “We need a wealth tax”.
California governor and potential 2028 presidential candidate Gavin Newsom posted “when the federal government is for sale, the rich get richer and everyone else gets shafted,” adding that “the system is rigged”.

Controversial Maine senate candidate Graham Platner meanwhile called on the public to make Musk the last ever trillionaire.

The Democratic Party’s official account also criticized Musk, referencing the sweeping cuts that he made while in government as leader of his Department of Government Efficiency (DOGE). “The same man who cut children’s cancer research is now a trillionaire,” The Democrats’ account posted. Musk’s fortune has grown by a staggering amount in the past decade. Ten years ago the tech mogul was worth around $14bn, according to Forbes. His net worth then grew to around $189bn by 2021, when he surpassed Jeff Bezos to become the richest man in the world. It is now around 6 times higher than that already astronomical figure.

Anti-billionaire protesters gather at JPMorgan in New York City. Protesters holding a sign reading ‘No trillionaires’ outside the JPMorgan Chase office in New York on 12 June...

https://www.theguardian.com/business/live/2026/jun/12/spacex-float-us-stock-market-share-elon-musk-trillionaire-largest-ipo-ever-live-news-updates