Oxfam slams Elon Musk becoming worlds first trillionaire

The Oxfordshire based charity has warned the news is a “dark day for democracy”.

Nabil Ahmed, senior director of economic justice at Oxfam America, said: “Elon Musk’s rise to trillionaire status marks a new pinnacle of oligarchy and a dark day for democracy.

“But this moment of dramatically concentrated wealth was not inevitable. Musk will be a government-backed trillionaire whose fortune was fueled by an era of regressive public policy choices — decisions rigged by a tiny few to fuel their fortunes, and overwhelmingly supported by political leaders.”

Oxfam’s analysis revealed that if Musk spent $1 million per day, it would take him 2,740 years to spend $1 trillion.

With $1 trillion, Musk could give $100 to everyone on Earth, and he would still be one of the ten richest billionaires in the world, with more than $184 billion left over.

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An Oxfam shop (Image: Flikr under license CC BY-NC-SA 2.0)

The study also revealed a 10 per cent tax on Musk’s fortune could end global extreme poverty for a year, lifting over 800 million people above the extreme poverty line.

Oxfam estimates billionaires are over 4,000 times more likely to hold political office than ordinary people.

Musk currently is head of DOGE and bought X, formerly known as Twitter, a move that the charity says paves the way for disinformation campaigns and dismantles the companies human rights departments.