Sen. Adam Schiff criticized Elon Musk after a major milestone for SpaceX reportedly made Musk the first person to reach a net worth exceeding $1 trillion, as reported by the New York Post.
The reaction came after SpaceX began trading on the Nasdaq on Friday, an event that significantly increased the value of Musk’s holdings in the company.
The development drew praise from many supporters of Musk and his businesses, while also prompting criticism from some political figures and commentators.
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Schiff responded on X, the social media platform owned by Musk, arguing that the emergence of a trillion-dollar fortune highlighted broader economic problems in the United States.
According to the report, Schiff wrote that something is “terribly wrong” with an economy that can produce a trillion-dollar fortune while some Americans continue to struggle with healthcare access.
The California Democrat also described the situation as evidence of a corrupt system in which wealth and poverty reinforce themselves.
There is something terribly wrong about an economy that produces its first trillionaire, but cannot provide health care for its people.
Or one in which the richest handful of families have the combined wealth of almost forty percent of the rest of the country.This is the cost… https://t.co/TCveruchlK— Senator Adam Schiff (@SenAdamSchiff) June 13, 2026
The debate surrounding Musk’s fortune has focused in part on the growth of SpaceX, which was founded in California and developed into one of the world's largest private aerospace companies.
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SpaceX has become known for reusable rocket technology, including the ability to land rocket boosters and use them again for future launches.
The company also operates a satellite internet network and provides launch services for both commercial customers and government agencies.
The company’s public listing also benefited employees who owned shares in the business. According to the report, workers who held company stock saw those holdings increase in value when trading began.
Musk’s growing wealth has also reignited discussions about California’s business climate. SpaceX relocated its headquarters to Texas in 2024, joining a number of companies that have moved operations out of California in recent years.
Critics of California’s regulatory environment have argued that businesses face lengthy approval processes and higher costs compared to states such as Texas.
The discussion also touched on X, which Musk acquired and later restructured. The platform has remained a focal point of political debate over content moderation and free speech policies.
Schiff was not alone in criticizing Musk’s growing fortune. The report noted that Sen. Bernie Sanders also criticized Musk’s success. Economist Paul Krugman reportedly described SpaceX as a “Ponzi scheme” supported by a rigged market.
Supporters of Musk point to the growth of SpaceX, Tesla, and other ventures as evidence of long-term business success and innovation.
SpaceX has become a major launch provider for NASA missions and has significantly increased the pace of U.S. launch operations.
The controversy highlights ongoing political disagreements over wealth, taxation, and the role of large technology and aerospace companies in the American economy.
Musk, who was born in South Africa before immigrating to the United States, has built businesses in multiple industries, including electric vehicles, aerospace, and social media.
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The reported trillion-dollar milestone marks another chapter in the ongoing debate over economic success, wealth accumulation, and the impact of major entrepreneurs on American industry.
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