Schiff blasts ‘corrupt system’ that made Elon Musk a trillionaire

Sen. Adam Schiff (D-Calif.) late Friday criticized what he called a “corrupt system” that produces extreme wealth at the top while many Americans lack access to health care.

“There is something terribly wrong about an economy that produces its first trillionaire, but cannot provide health care for its people,” he wrote late Friday on social platform X, while sharing a story from The New York Times about SpaceX CEO Elon Musk. “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 of a corrupt system, where wealth perpetuates itself, and poverty, at the same time,” he added.

SpaceX made its stock market debut early Friday, establishing Musk as the world’s first trillionaire. Shares opened 11 percent higher than the initial public offering (IPO) when trading officially opened on the Nasdaq, sending the company’s valuation soaring to $1.96 trillion.

“I love the incredible people of SpaceX beyond words,” the now-trillionaire wrote Friday afternoon on X, which he also owns.

The development comes as health care........

© The Hill