The SpaceX IPO made Musk a trillionaire. The old rules of capitalism no longer apply | Robert Reich

Article excerpt

SpaceX's Nasdaq debut valued the aerospace company at $1.77 trillion, catapulting Elon Musk to trillionaire status. Robert Reich argues the milestone exposes how modern wealth accumulation defies traditional economic rules. Rather than reflecting genuine productivity or market discipline, Musk's fortune rides on hype, political connections, and his ability to exercise "total, arbitrary control" over his enterprises. The commentary suggests capitalism's foundational principles, competition, transparency, measurable value, have been displaced by personality-driven speculation and the outsized power of individual moguls.