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New York City Mayor Zohran Mamdani didn’t mince words following SpaceX’s landmark IPO.
On Elon Musk’s social media platform X, Mamdani highlighted the event as yet another reason to increase taxes on the ultra-wealthy. SpaceX debuted on the market Friday, opening at $150 per share-well above its initial offering price of $135-propelling Musk’s net worth to new heights.
“Reason #1,000,000,000,000 why we should tax the rich,” Mamdani wrote in a pointed post.
This reaction aligns closely with Mamdani’s progressive platform, which emphasizes taxing the wealthy. Since taking office, he has already enacted measures like a pied-à-terre tax targeting multimillion-dollar second homes.
Prior to the IPO, Musk was already the richest person globally, but the SpaceX valuation has widened the gap between him and the next wealthiest: Google co-founder Larry Page, with an estimated net worth of $294.1 billion. Sergey Brin and Amazon’s Jeff Bezos follow closely behind.
The mayor and Musk have had a contentious relationship. During last year’s mayoral race, Musk publicly supported Mamdani’s opponent, former Governor Andrew Cuomo.
Despite this, Mamdani has acknowledged shared priorities with Musk, particularly around government efficiency and cutting waste. In fact, Mamdani recently launched a Commission on Government Efficiency aimed at streamlining city operations-an initiative some interpret as a nod to Musk’s efforts promoting efficiency in government.
New York City Hall emphasized that the commission’s goal is to modernize government services, reduce bureaucratic hurdles, and improve access to affordable resources for residents.
“At its core, this is about ensuring city government operates with the same focus as a working-class New Yorker balancing their bills,” Mamdani said during a press briefing on May 28.
Amazon founder Jeff Bezos weighed in as well, suggesting that increased efficiency could pave the way for tax relief for lower-income earners. “With some of the savings, we can zero out taxes on the bottom half of earners,” he wrote on X. “The best way to put money in people’s pockets is not to take it out in the first place.”