Elon Musk Becomes World's First Trillionaire Amidst SpaceX IPO Success

SpaceX CEO Elon Musk became the world’s first trillionaire on June 12 after the blockbuster SpaceX IPO, which saw shares debut at $135 and surge to $150 in early trading. Already, the world’s richest man, Musk’s fortune has now surpassed that of Google co-founder Larry Page, whose wealth is estimated at just a quarter of Musk’s. Reacting on the Elon Musk’s trillionaire status, New York City Mayor , Zohran Mamdani seized on Musk’s milestone to reiterate his progressive stance on taxing the wealthy. In a post shared on social media platform X (formerly known as Twitter), Mamdani wrote, “Reason #1,000,000,000,000 why we should tax the rich.” The comment made by Mamdani reflects his long-standing campaign promise to increase taxes on multimillionaires and billionaires, including the city’s controversial pied-à-terre tax on luxury second homes worth over $5 million.

Zohran Mamdani proposed a tax on billionaires

Recently, Mamdani proposed a new tax targeting some of the most expensive homes in the city. This move of the New York City Mayor impact billionaires including Amazon founder Jeff Bezos and Dell CEO Michael Dell. The proposal is part of a broader state budget plan which focuses on luxury properties that are not used as primary homes. Officials are of the opinion that the main aim is to raise revenue and ensure that wealthy property owners contribute more, but critics argue it could discourage investment in the city. The tax, referred to as a “pied-à-terre tax,” would apply to homes worth over $5 million that are not the owner’s main residence, says a Business Insider report. It is expected to generate around $500 million annually, though details about how it will be calculated are still unclear.

Zohran Mamdani has previously clashed with Musk

Mamdani has previously clashed with Musk, who backed his challenger, former Governor Andrew Cuomo, in last year’s mayoral race. Despite their differences, Mamdani once remarked that he and Musk share “one goal” — focusing on efficiency and eliminating waste. Last month, Mamdani announced the creation of a Commission on Government Efficiency, modeled in part on Musk’s DOGE office initiative at the White House.

Elon Musk world’s first-ever trillionaire

SpaceX shares began trading, sending the company’s valuation past $2 trillion and cementing its place in the history books. Following the public listing, the ‘skyrocketing’ stock value has officially made company founder and CEO Elon Musk the world’s very first trillionaire. After the successful IPO, Musk emphasised that the public listing is merely a stepping stone toward a much grander, sci-fi-inspired vision for humanity. Speaking to a crowd of supporters and investors following the listing, Musk drew a sharp line between his company’s philosophy and that of traditional aerospace contractors. He said that older aerospace firms and his competitors built reliable rockets but they lacked the ambition required to truly push humanity forward. “While the other Aerospace companies they built good rockets and everything, they were simply not pursuing the technology that’s necessary to make life multi-planetary. To make Star Trek, to make the exciting science fiction futures that we've read about,” Musk said.