For 12 days in June, Elon Musk achieved an unprecedented milestone: trillionaire status. However, his wealth quickly dipped below the trillion-dollar mark after a tech stock sell-off. The volatility of his fortune underscores the extreme inequality in the modern economy, where the super-rich can gain or lose more in a day than most people see in a lifetime. Between January and June, Musk's net worth increased by $322 billion—more than Portugal's GDP.
Conservative Defenses of Musk's Wealth
Conservative media and politicians have rallied to defend Musk's riches. A Fox News op-ed claimed “he earned every penny,” while the Wall Street Journal argued his companies created “tremendous value.” Republican Senator Cynthia Lummis told TMZ that Musk's wealth was “absolutely logical” because “the harder he worked, the smarter he was, the luckier he got.” She cited his global contributions, though critics note that USAID cuts under Musk have been linked to an estimated 700,000 deaths.
The National Review dismissed critics as part of “an impotent envy cult,” calling Musk one of history's “great men.” The Los Angeles Times, owned by another billionaire, ran a column by Jonah Goldberg stating that Musk's trillionaire status “is a good thing, actually,” because innovation grows the economic pie. But Oxfam reports that the world's richest people have claimed more of that pie than half of humanity.
How to Become a Trillionaire: A Guide
Musk's path to trillionaire status involved several key steps that highlight systemic advantages and controversial tactics.
Step One: Born on Third Base
Musk's background as a wealthy white male in apartheid South Africa provided a head start. As evolutionary biologist Stephen Jay Gould noted, many with equal talent never realize their potential due to circumstances, such as being born poor or marginalized.
Step Two: Don't Let the Law Slow You Down
Fox News praised US culture of “innovation, risk-taking, and freedom,” but Musk's early career involved questionable legality. The Washington Post reported that after dropping out of Stanford in 1995, Musk worked illegally while building Zip2. His brother Kimbal joked about their “illegal immigrant” status, while Musk called it a “grey area.”
Step Three: Buy an Election
Musk's $290 million investment in the 2024 election paid off handsomely. Aligning with Donald Trump, his net worth soared from $270 billion in October 2024 to over a trillion by June 2026. The Trump administration cut taxes for the rich, eased regulations, and awarded billion-dollar contracts to Musk's companies.
Step Four: Stack the Stock Indices
SpaceX reportedly lobbied to be included in major stock indices shortly after going public, faster than typical. According to the New York Times, this compelled index funds like Fidelity and Vanguard to buy millions of shares, boosting SpaceX's price but exposing index fund investors to more risk. Nasdaq denied changing rules for SpaceX. This means retirement funds are now tied to SpaceX's success—and Musk's net worth.
Step Five: Stave Off the Pitchforks
Conservative fanboys promote Musk as a great man whose riches symbolize American innovation, ignoring how inequality corrodes democracy. As critics argue, the first trillionaire signals a shift toward oligarchy, where resources are funneled to a few rather than invested in society. Oxfam notes billionaires own over half of the world's largest media companies, shaping narratives to protect their wealth.
Conclusion
Musk's trillionaire status reflects a dangerous concentration of wealth and power. By recruiting useful idiots, leveraging taxpayer money, and tying retirement savings to his companies, Musk exemplifies how the system enables oligarchy. The lovefest from conservative media overlooks the unscrupulous tactics behind his fortune.
