Elon Musk Expected to Reach Trillionaire Status with SpaceX IPO

Elon Musk is projected to become the world's first trillionaire following the initial public offering (IPO) of SpaceX. The IPO is anticipated to occur on June 12, 2026. Musk, currently the wealthiest person globally, could see his net worth exceed $1 trillion as SpaceX shares are expected to be priced at $135 each, potentially increasing his net worth from $988 billion. Progressive politicians have intensified their criticism of Musk, using his rise to trillionaire status to highlight issues of wealth inequality in the United States ahead of the midterm elections. Darrell West, a senior fellow at the Brookings Institution, noted that Musk's wealth exemplifies the growing income gap. Various political figures, including Rep. Pramila Jayapal and Sen. Bernie Sanders, have publicly criticized the notion of a trillionaire, framing it as a symptom of broader economic issues. Musk has defended his wealth, stating that he intends to use it for the establishment of a human settlement on Mars. In 2021, he reported paying over $11 billion in taxes, although he did not pay federal income taxes in 2018, according to ProPublica. The conversation around Musk's potential trillionaire status has sparked both criticism and support, with some of his fans expressing excitement about his business ventures.