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| ‘A New Pinnacle of Oligarchy’: Elon Musk Poised to Become World’s First Trillionaire |
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| With Elon Musk’s SpaceX set to go public on Friday, the world’s richest man could soon become the first-ever trillionaire—an achievement that one leading humanitarian group called “a new pinnacle of oligarchy and a dark day for democracy.”
Whether Musk reaches trillionaire status in the coming days will depend on the success of SpaceX’s initial public offering (IPO), which critics warn is a potentially massive threat to market stability and Americans’ retirement savings.
“Musk will be a government-backed trillionaire whose fortune was fueled by an era of regressive public policy choices—decisions rigged by a tiny few to fuel their fortunes, and overwhelmingly supported by political leaders,” said Nabil Ahmed, senior director of economic justice at Oxfam America. “A trillion dollars in the hands of one man is incompatible not only with an affordable economy, but also with a healthy democracy.” |
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