After SpaceX shares rocketed to historic highs, Elon Musk’s paper fortune briefly eclipsed the entire market capitalization of Bitcoin, reigniting a fierce debate over wealth inequality and taxation. The space exploration company’s stock touched $225.84 per share on June 16, pushing its valuation close to $3 trillion, according to Yahoo Finance data. This surge lifted Musk’s net worth to nearly $1.4 trillion, surpassing Bitcoin’s $1.31 trillion market value at the time.
The rally, driven by investor enthusiasm for SpaceX’s space, satellite, and AI divisions, added hundreds of billions to Musk’s wealth. Retail investors, like New York publicist Anna Watts, scrambled for IPO exposure, with some even seeking additional loans to increase their stakes. However, the milestone quickly drew political fire. Senator Elizabeth Warren took to X to argue that the financial system benefits the ultra-wealthy at the expense of ordinary Americans. She advocated for a wealth tax on unrealized gains, stating that such a measure could address what she sees as a rigged system.
Solana co-founder Anatoly Yakovenko countered Warren’s stance, warning that taxing unrealized gains would force Musk to sell shares, hurting employees and hindering SpaceX’s growth. In a series of posts, Yakovenko suggested that the policy could reduce investment and job creation in Texas. Meanwhile, crypto analyst Scott Melker mused on X that directing Musk to allocate 10% of his fortune into Bitcoin could be the fastest route to a $1 million BTC price, sparking widespread discussion.
Amid the market frenzy, a former engineer filed a lawsuit against xAI and SpaceX, alleging wrongful termination after repeatedly raising safety concerns about the Grok AI chatbot. The engineer claimed that Grok lacked robust safeguards against misinformation and bias, and that both companies retaliated after he pushed for stricter testing. The case adds a layer of controversy to Musk’s expanding empire, even as SpaceX’s post-IPO performance continues to draw investor attention.