US President Donald Trump officially congratulated entrepreneur Elon Musk on reaching the historic fortune of 1 trillion dollars, making him the first trillionaire in human history. In his statement, the head of state explicitly noted that he maintains a "very good relationship" with the founder of SpaceX and Tesla.
Musk's breakthrough was made after the long-awaited and record-breaking stock market debut of his space company SpaceX on Nasdaq. The company's market valuation exceeded $1.7 trillion, which added nearly $188 billion to the entrepreneur's personal wealth and fixed his assets above the psychological limit.
While Trump welcomed the economic triumph and innovations of his ally, the event ignited heated debates. Organizations such as Oxfam and a number of critics described the concentration of such large-scale capital in the hands of one person as "toxic to democracy" and warned of growing economic inequality. At the same time, experts point out that the financial future of millions of Americans is already directly tied to SpaceX through pension and index funds.
The congratulations from the White House come at a time of increased focus on the personal capital of the US government. A few days ago, official data showed that Donald Trump himself made over $1.4 billion in revenue over the past year, driven mainly by family cryptocurrency projects and memecoin licenses.
Source: Forbes, Bloomberg