Breaking: Elon Musk Is Now Richer Than Bitcoin’s Entire Market Cap

Elon Musk’s net worth has increased to nearly $1.4 trillion as the value of SpaceX shares surged by over 15% on Tuesday. Now, his wealth has exceeded the current market cap of Bitcoin (BTC), which stands at around $1.3 trillion.

Elon Musk’s Net Worth Surpasses Bitcoin Market Cap

The explosive rise comes on the heels of SpaceX’s blockbuster IPO, which is said to have made Musk the first trillionaire in the world. Before he went public, his net worth was estimated at $780 billion. It took just a few days for the SpaceX valuation boost to increase Musk’s fortune by hundreds of billions.

Wall Street crypto expert Scott Melker reacted to this feat on X with a quirky comment. He wrote: “The fastest path to $1M Bitcoin is to convince Elon Musk to put 10% of his net worth into BTC.” The remark quickly took the crypto world by storm as analysts discussed potential impact of such a move on Bitcoin’s market value.

The SpaceX stock is up nearly 62% compared to its initial offering price of $135. This rally pushed Elon Musk’s net worth as he owns a whopping 6.07 billion shares out of the company’s total outstanding equity. It represents a massive 46.4% in the firm, hence, even a slight surge in the stock value adds millions to his fortune.

Massive Controversy Erupts Erupts On The Internet

However, the surge in Elon Musk’s wealth also sparked a political debate on the issue of income disparity in the United States. Senator Elizabeth Warren wrote on X, “Our system is rigged so that one man becomes a trillionaire while millions of Americans can’t afford a trip to the doctor.”

She added, “Wealth is funneled to the wealthy while everyone else is hanging on by their fingernails.” Thereafter, she even promoted her proposed wealth tax legislation. Warren said, “My wealth tax would level the playing field. Let’s get it done.”

On the contrary, Solana co-founder Anatoly Yakovenko, strongly disagreed with Warren. On X, Yakovenko wrote, “Senator from Massachusetts that created a self inflicted housing shortage in Massachusetts, wants the people of Texas that build homes and electric cars and rockets, to pay for the self inflicted housing shortages in Massachusetts.”

He also claimed that imposing a tax on the value of his holdings could have a negative effect on workers and businesses connected to his companies. “If Elon is forced to sell shares, the Texas employee shareholders lose money,” Yakovenko wrote.

He further added, “The SpaceX company can’t raise as much and therefore can’t hire or build as many things in Texas. Capital isn’t wealth. This is literally an idiot tax to destroy the means of production.”