SpaceX CEO Elon Musk became the world's first trillionaire on June 12 following the blockbuster SpaceX IPO. Shares debuted at $135 and surged to $150 in early trading. Already the richest man globally, Musk's fortune now surpasses that of Google co-founder Larry Page, whose wealth is estimated at just a quarter of Musk's.
Reaction from New York City Mayor
Reacting to Musk's trillionaire status, New York City Mayor Zohran Mamdani seized on the milestone to reiterate his progressive stance on taxing the wealthy. In a post on social media platform X (formerly Twitter), Mamdani wrote, "Reason #1,000,000,000,000 why we should tax the rich." The comment 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.
Proposed Tax on Billionaires
Recently, Mamdani proposed a new tax targeting some of the most expensive homes in the city. This move would impact billionaires including Amazon founder Jeff Bezos and Dell CEO Michael Dell. The proposal is part of a broader state budget plan focusing on luxury properties not used as primary homes. Officials believe the main aim is to raise revenue and ensure wealthy property owners contribute more, but critics argue it could discourage investment. 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, according to a Business Insider report. It is expected to generate around $500 million annually, though details on calculation remain unclear.
Previous Clashes 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 Trillionaire
SpaceX shares began trading, sending the company's valuation past $2 trillion and cementing its place in history. Following the public listing, the skyrocketing stock value officially made Musk the world's first trillionaire. After the successful IPO, Musk emphasized that the public listing is merely a stepping stone toward a grander, sci-fi-inspired vision for humanity. Speaking to a crowd of supporters and investors, Musk drew a sharp line between his company's philosophy and that of traditional aerospace contractors. He said older aerospace firms built reliable rockets but lacked the ambition to push humanity forward. "While the other aerospace companies built good rockets, they were simply not pursuing the technology necessary to make life multi-planetary. To make Star Trek, to make the exciting science fiction futures we've read about," Musk said.
