Elon Musk’s SpaceX launched its record-breaking IPO today, making him the world’s first trillionaire while enriching many employees and investors.
Musk didn’t travel to the New York Stock Exchange for the ceremonial bell ringing, instead choosing to celebrate at his company’s headquarters in South Texas - surrounded by some of the estimated 4,000 millionaires he created through the public offering.
It was a symbolic move for Musk, who’s relocation of SpaceX and Tesla to the Lone Star State cost California untold billions, said Dr. Wayne Winegarden of the Pacific Research Institute. “The bottom line is this is exhibit A of why you don’t want to chase away businesses,” he told The California Post.
“Obviously, businesses will move [because of] different advantages and things of that nature. But when you have a punitive tax system, when you have a punitive energy cost, you chase away companies, and entrepreneurial and potential income gains go with it,” Winegarden added.
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