California governor highlights income inequality as Elon Musk becomes the world’s first trillionaire following SpaceX’s IPO.
California Governor Gavin Newsom criticized the growing wealth divide after Elon Musk’s net worth surged to $1.4 trillion, making him the world’s first trillionaire. The milestone followed SpaceX’s blockbuster IPO, which drew sharp political reactions over rising inequality in the U.S.
Newsom’s remarks on social media contrasted Musk’s fortune with struggles faced by average Americans, calling the system “rigged.” However, critics pointed to Newsom’s own estimated $30 million net worth, including a recent $9 million home purchase in Marin County.
The debate underscores broader tensions over wealth concentration, with Democrats framing Musk’s wealth as symbolic of economic disparities. No immediate market reaction was reported.