How did Elon Musk make his money?
July News: War in Iran, the world’s first trillionaire, SMS surprise
- Mon, Jul 20 2026 at 8:03 AM
How did Elon Musk make his money?
Elon's world and fortune: Decoding the world's first trillionaire. Photos: Sipa via AP Images; iStock/danielvfung; iStock/bymuratdeniz; iStock/Erik Gonzalez Garcia; iStock/Walter Cichetti; iStock/Stefan Sutka; iStock/Brandon Moser; iStock/Mylo Kaye
After SpaceX launched its initial public offering (IPO) in June, the net worth of the world’s richest man finally crossed a previously unthinkable threshold: Elon Musk became the world’s first trillionaire.
But how exactly did he make his money? Musk’s fortune is not simply the result of one man’s entrepreneurship and hard work. The reality is much more complex:
- Musk has avoided taxation of his wealth.
- Musk benefited from massive public resources to fund his most successful ventures—but the rewards go to the few at the expense of workers.
- Musk has used his extreme wealth to exert unchecked economic and political power.
READ ON Action Alert: End the War with Iran 
The United States conflict against Iran continues to take a devastating toll globally. Over 7,600 civilians, including children, have been killed in a region exhausted by war, displacement, and humanitarian crisis. In the U.S. and around the world, people are struggling to make ends meet as costs skyrocket for everything, including gas and food.
“Each day of war makes life even more precarious for millions who have already endured far too much,” says Abby Maxman, President and CEO of Oxfam America. Recent reports from the United Nations indicate that this conflict is helping drive a surge in global hunger.
Rather than writing another blank check for the war with Iran, Congress should reject any additional funding and instead support diplomacy, civilian protection, de-escalation, and lasting peace. Will you use your voice to help push our leaders to act?
Send a message urging your members of Congress to oppose additional funding for the war with Iran.
SEND A MESSAGE Something special is happening on SMS this week 
Some surprises are worth the anticipation. This is one of them! We’ve got something special for you on SMS this week. Want to make sure you don’t miss out? Sign up for Oxfam text updates. We promise to send only a few texts per month.
Sign up for text updates here to make sure you don’t miss out on this week’s surprise!
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Explore the recap and see what made this powerful lineup memorable!
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- Musk has avoided taxation of his wealth.
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