Elon Musk, the world's richest person, is on the verge of becoming the first trillionaire. While some might think money can't buy happiness, a 2024 study shows a strong link between wealth and happiness, though Musk himself seems far from content. His impending trillionaire status, however, poses a grave threat to democracy.
The Scale of a Trillion Dollars
To grasp the enormity, consider that $1 million is 0.0001% of $1 trillion. For a median-net-worth American, $1 million feels like 19 cents to a trillionaire. This obscene wealth gives Musk unprecedented power, allowing him to influence elections and policies as easily as buying lunch.
Musk's Political Influence
Musk spent $290 million on the 2024 election, backing Donald Trump and other Republicans. His net worth has since skyrocketed from $270 billion to over $770 billion. He has become a shadow president, attending cabinet meetings and cutting deals during state visits. His Department of Government Efficiency (Doge) slashed agencies and foreign aid, with catastrophic consequences: an estimated 600,000 deaths from disease and malnutrition due to USAID cuts.
The Bigger Problem: Money in Politics
Since the 2010 Citizens United decision, billionaire spending in federal elections surged from 0.3% to 19% in 2024, totaling over $3 billion from just 300 billionaires. These ultra-wealthy individuals prioritize lower taxes and deregulation over public investments in healthcare and education, according to a 2013 study.
Wealth Concentration at Historic Levels
Billionaire wealth hit record highs last year, surpassing even the Gilded Age. Oxfam reports that the poorest half of the world owns less than the 12 richest billionaires. If trends continue, five trillionaires could emerge within a decade. A Data for Progress survey found 70% of Americans believe the economic system is rigged for the wealthy, while a Politico poll showed 72% think there is too much money in politics.
Global Meddling
Musk's influence extends beyond the US. He has explored funding right-wing groups in the UK and used X to comment on British politics, prompting Prime Minister Keir Starmer to accuse him of interference. His wealth enables him to act with impunity, causing collateral damage without accountability.
Becoming the first trillionaire will only accelerate this slide toward oligarchy. Time is running out to address this crisis, but change is still possible.
