Sen. Adam Schiff (D-Calif.) late Friday took aim at what he described as a “corrupt system” that enables extreme wealth concentration at the top while millions of Americans struggle without access to healthcare.
“There is something terribly wrong about an economy that produces its first trillionaire, but cannot provide health care for its people,” Schiff wrote on X, the social media platform owned by Elon Musk. He was reacting to a New York Times story about SpaceX CEO Musk becoming the world’s first trillionaire after the company’s stock market debut.
Schiff pointed to the staggering disparity: “Or one in which the richest handful of families have the combined wealth of almost forty percent of the rest of the country.” He added, “This is the cost of a corrupt system, where wealth perpetuates itself, and poverty, at the same time.”
SpaceX shares opened 11 percent above their initial public offering price on the Nasdaq, pushing the company’s valuation to $1.96 trillion and cementing Musk’s status as the world’s first trillionaire. Musk, who also owns X, celebrated the milestone by thanking his employees: “I love the incredible people of SpaceX beyond words.”
The IPO reignited a long-simmering debate over wealth inequality, especially as expanded subsidies under the Affordable Care Act expired last year, leaving many Americans facing higher premiums. Schiff has previously raised concerns about potential conflicts of interest involving Musk’s companies and the Trump administration, given Musk’s role as a special government employee.
Other Democrats quickly joined the criticism, with Sen. Elizabeth Warren (D-Mass.) calling for a wealth tax. “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,” she wrote online.
Rep. Sarah Jacobs (D-Calif.) echoed that sentiment, saying, “It’s beyond sickening that Elon Musk — the world’s first trillionaire — pays a lower effective tax rate than truck drivers, firefighters, or nurses. It’s not complicated — we need to actually TAX THE RICH.”
Sen. Bernie Sanders (I-Vt.) and Rep. Ro Khanna (D-Calif.) have led the push with the Make Billionaires Pay Their Fair Share Act, introduced earlier this year. The bill would target the nation’s 938 billionaires, who collectively own $8.2 trillion in wealth, including Musk. Lawmakers estimate it could raise over $4 trillion over the next decade.
Sanders also used the moment to advocate for his Social Security expansion bill. “Today, Elon Musk, a trillionaire, pays the same amount into Social Security as someone making $184,500,” he wrote on X. “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.”
California Governor Gavin Newsom, who has had public spats with Musk in recent years, weighed in as well, highlighting the contrast between Musk’s fortune and everyday struggles. “Americans are struggling to pay for groceries and gas while Elon Musk becomes a TRILLIONAIRE,” Newsom wrote on social media. “When the federal government is for sale, the rich get richer and everyone else gets shafted. The system is rigged.”
