Elon Musk wielding a chainsaw at the Conservative Political Action Conference (CPAC) in 2025. Photo: Gage Skidmore. CC BY-SA 2.0
The red emergency light is flashing on America’s democracy dashboard, like a damaged aircraft teetering toward a mountain. Elon Musk becoming the planet’s first trillionaire should make us tremble for the future of self-governing republics. It’s as if we’re bringing back modern pharaohs to dominate our societies.
Musk’s SpaceX company recently went public with a (probably inflated) market capitalization of $2 trillion. SpaceX’s IPO increased Musk’s net worth by an estimated $188 billion, and the stock’s first-day surge subsequently pushed his fortune to roughly $1.1 trillion, according to Forbes.
The concern here isn’t with wealth per se. It’s the tremendous power of concentrated wealth to distort markets, politics, and society. When you have Musk’s level of wealth, you’re no longer just buying another mansion or private jet (of which he already has several). You’re buying a media outlet, a senator, and maybe, in the case of Musk, elevating a president.
Musk has no inhibitions about deploying the power of his considerable wealth. He bought Twitter, one of the public squares of our time, and transformed it into X, a partisan and disinformation platform rife with hate speech and extremism.
In the 2024 election cycle, he donated $291 million to President Trump and Republican candidates, according to Open Secrets. As Michael Mechanic wrote in Mother Jones, “Musk expended 0.1 percent of his wealth in the process and got far more in return.” Mechanic notes “The Trump administration promptly shelved dozens of investigations into Musk’s companies.”
Musk was rewarded with a rogue government agency — the so-called Department of Government Efficiency (DOGE), named for a crypto meme coin Musk invested in — to advance a self-interested data grab and chainsawing away at government capacity. Public Citizen found that 70 percent of the agencies that were targeted by DOGE had conflicts of interest for Musk’s businesses. For example, Musk directed DOGE to dismantle the Consumer Financial Protection Bureau, which would have overseen X’s move to become a payment processor.
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This content originally appeared on CounterPunch.org and was authored by Chuck Collins.