Topline<\/p>\n
Elon Musk became the world\u2019s first trillionaire Friday following SpaceX\u2019s initial public offering, drawing criticism from progressive lawmakers, some of whom renewed calls for taxes on the wealthy and changes to Social Security.<\/p>\n
Sanders said Musk becoming a trillionaire was an “absurdity.”<\/p>\n
(Photo by Chip Somodevilla\/Getty Images)Key Facts<\/p>\n
Sen. Bernie Sanders, I-Vt., who has long advocated for wealth taxes to help fund public programs, characterized Musk\u2019s trillionaire status as an \u201cabsurdity<\/a>\u201d and called for an increase on the cap for taxable income.<\/p>\n Sanders promoted his Social Security bill, which seeks to increase monthly payouts for the program\u2019s recipients and extend its financial solvency by 75 years through raising taxes on high earners.<\/p>\n Sen. Elizabeth Warren, D-Mass., who introduced the bill alongside Sanders, pushed for a wealth tax in a social media post<\/a> and said the \u201ctypical American household would have to work more than 11 MILLION years to make Elon Musk’s level of wealth.\u201d<\/p>\n Sen. Ed Markey, D-Mass., said Musk\u2019s transition to trillionaire was \u201cdisgusting<\/a>,\u201d adding, \u201cWhile working people struggle to get by, the billionaire class is becoming the TRILLIONAIRE class.\u201d<\/p>\n Graham Platner, who won the Democratic nomination for one of Maine\u2019s U.S. Senate seats despite a controversy-filled<\/a> run, acknowledged Musk\u2019s trillionaire status and said<\/a>, \u201cLet\u2019s make sure he\u2019s also the last.\u201d<\/p>\n Contra<\/p>\n Goldman Sachs CEO and billionaire David Solomon congratulated Musk on the SpaceX IPO, adding he has known the trillionaire \u201cfor more than 15 years, as have several of my colleagues, and it\u2019s been incredible to see his vision come to life.\u201d Goldman Sachs served as the lead underwriter for SpaceX\u2019s IPO. Influencer Jake Paul disclosed<\/a> his public position in SpaceX, investing $9.4 million into the company and congratulating Musk.<\/p>\n Forbes Valuation<\/p>\n We estimate Musk\u2019s net worth at $1.2 trillion as of 3 p.m. EDT, making him the world\u2019s wealthiest person by a massive margin. Google co-founder Larry Page, the world\u2019s second-wealthiest person, has an estimated net worth of $295 billion.<\/p>\n Key Background<\/p>\n SpaceX opened Friday afternoon at $150 per share and has since surged 20% since then. The IPO, which is the largest in history, provided the aerospace company with a market capitalization of $2.1 trillion, topping Saudi Aramco ($1.75 trillion) and Tesla ($1.49 trillion). Retail investors placed over $100 billion in orders ahead of the IPO, according to Bloomberg<\/a>.<\/p>\n Further Reading<\/p>\n SpaceX Opens At $150\u2014Surging 20% After Largest IPO Ever (Live Updates)<\/a> (Forbes)<\/p>\n