"Elon Musk just became the world’s first trillionaire. Let’s make sure he’s also the last," Graham Platner said.
At around midday, the price of the stock stood at around $165 per share. The estimated value of Musk's stake in the company is an estimated $690 billion, per Fox Business. The IPO cemented Musk's position as the world's wealthiest person as he became the first person to ever have over $1 trillion in assets.
The IPO raised $75 billion, surpassing the 2019 IPO of $29 billion for Saudi Aramco. The company, which was founded by Musk in 2002, has become the largest space company and has become a dominant player in satellite launching services. SpaceX has also become a regular contractor for NASA and the US government for national security purposes.
Starlink, which is SpaceX's largest revenue-generating arm, made the majority of the company's revenue last year, totaling $18.67 billion. SpaceX has been widely seen as one of the most valued companies in the world. In addition to Musk's wealth skyrocketing, employees who have had stock options plans are set to become millionaires with their compensation plans. Some 4,400 SpaceX employees are expected to hit the figure in the wake of the IPO.
Although the IPO was hyped up by many, Democrat politicians took no time to slam Musk over the wealth that he created.
Senator Elizabeth Warren posted to X, "Elon Musk just became the world's first trillionaire. The typical American household would have to work more than 11 MILLION years to make Elon Musk's level of wealth. We need a wealth tax."
Democrat Socialist Bernie Sanders said in response to Musk's status as the first trillionaire, "Today, Elon Musk, a trillionaire, pays the same amount into Social Security as someone making $184,500. If we end that absurdity and lift the cap on taxable income, we can make Social Security solvent for 75 years and expand benefits by $2,400. My Social Security bill does that." Musk famously paid $11 billion in taxes in 2021, more money than Sanders has ever earned or will pay in taxes.
Graham Platner, the Democrat running in the Maine Senate race who has been hit by scandal after scandal, said in response, "Elon Musk just became the world’s first trillionaire. Let’s make sure he’s also the last."
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