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Deep Dives Oligarchy

Jul 29, 2026 Michael Madowitz

If lawmakers are serious about addressing the threat that dynastic wealth poses to American democracy, they can draw on considerable research that has gone into designing a wealth tax that avoids the pitfalls of other countries’ attempts. With the appearance of the world’s first trillionaire, there is no time to waste.

WASHINGTON, DC—Following SpaceX’s IPO in June, Elon Musk briefly became the world’s first trillionaire, making him wealthier than the poorest 46% of the world’s people combined. His wealth has more than tripled since the 2024 presidential election, when he spent roughly $290 million to support Donald Trump’s candidacy—more than double what the president raised from small donors.