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Trump Administration Proposes Gutting Environmental Rules to Speed Space Race
"This would put untold species directly in harm's way," the Center for Biological Diversity warned.
Jul 29, 2026
Under pressure from companies owned by billionaires like Elon Musk and Jeff Bezos, the Trump administration announced this week that it will waive what it called "unnecessary environmental laws and regulations" in order to expedite the approval of commercial rocket launches.
The US Department of Transportation's (USDOT) Federal Aviation Administration (FAA) is proposing to waive numerous environmental review requirements and related federal laws that currently apply to commercial space launches, citing legal authority Congress granted to the secretary of transportation.
The proposed changes—on which the public has 30 days to comment—would make it much faster and easier for space profiteers to get permission to launch rockets or operate commercial spaceports in the United States by allowing the FAA to waive part or all of over a dozen laws and rules, including National Environmental Policy Act, the Endangered Species Act, the Clean Water and Clean Air acts, the National Historic Preservation Act, and the Marine Mammal Protection Act.
“America won the first space race, and we can do it again—but only if we get government red tape out of the way,” US Transportation Secretary Sean Duffy said on Tuesday. "That’s why President [Donald] Trump has charged USDOT with unlocking the final frontier and reestablishing the United States’ dominance in space."
Trump’s FAA announced today that it intends to exempt #space launches and spacecraft reentries from complying with environmental laws like the #EndangeredSpeciesAct. This will put untold species directly in harm’s way.You can be sure we’ll fight this obscene giveaway to special interests 🚀🚀
— Center for Biological Diversity (@biologicaldiversity.org) July 28, 2026 at 4:08 PM
The USDOT said that other federal agencies, such as the National Aeronautics and Space Administration (NASA) or the US military, may still be required to conduct environmental reviews under the law for launches on some federal property.
The proposal follows Trump's August 2025 executive order, "Enabling Competition in the Commercial Space Industry," which critics charge was issued to benefit Musk, the world's richest person, and his company SpaceX, which is seeking to dramatically increase launches and landings and has suffered a series of rocket explosions. Trump has boosted other companies—including X and Tesla—led by Musk, who served for a period last year as de facto head of the president's so-called Department of Government Efficiency, or DOGE.
Opponents warn that, if approved, the proposed changes mean that the FAA would generally no longer require environmental studies or consultations before issuing commercial space licenses.
“NASA has conducted space launches for decades in a responsible way, but now Trump wants to gut even the most basic environmental safeguards to enrich some of the world’s wealthiest people,” said Brett Hartl, government affairs director at the Center for Biological Diversity (CBD). “We’ve seen real environmental damage from the exploding rocket toys of the superrich. You can be damn sure we’ll fight this obscene giveaway to special interests.”
In 2024, SpaceX was punished with a paltry $150,000 in fines for violating the Clean Water Act after it discharged tens of thousands of gallons of industrial waste from a launch pad in Boca Chica, Texas.
CBD and other green and Indigenous groups last month sued the US Fish and Wildlife Service in a bid to stop the Trump administration from handing over 715 acres of the Lower Rio Grande Valley National Wildlife Refuge in South Texas to SpaceX in exchange for 683 acres elsewhere.
On Wednesday, CNBC revealed that six US lawmakers from both major parties—including five who sit on committees that regulate SpaceX—had or have family investments in the company, raising concerns over apparent conflicts of interest.
In addition to environmental concerns, Trump has also come under fire for militarizing space in contravention of the Outer Space Treaty—which the US has ratified—by launching the Space Force as an official service branch during his first term.
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SpaceX Stock Purchases by US Lawmakers Raise Conflict of Interest Concerns
"Members of Congress are continuing to buy and sell stocks as if they’re on Wall Street," said Rep. Pramila Jayapal. "We need a FULL ban on congressional stock trading."
Jul 28, 2026
Congressional lawmakers from both major parties who have purchased stock in Elon Musk's SpaceX—including some serving on committees whose work intersects with the company's business—are facing increasing scrutiny over potential conflicts of interest, CNBC reported Tuesday.
According to CNBC's Luke Fountain and Justin Papp, six lawmakers—Reps. William Timmons (R-SC), John McGuire (R-Va.), Dan Meuser (R-Pa.), Gil Cisneros (D-Calif.), Jared Moskowitz (D-Fla.), and John James (R-Mich.)—or members of their immediate families bought between roughly $83,000 and $245,000 in SpaceX shares combined. All of the purchases occurred within six days of SpaceX's June 12 initial public offering.
Although all of the purchases were legal and there is no evidence of insider trading, Fountain and Papp noted that "five of the lawmakers serve on committees whose work intersects with SpaceX’s defense, satellite, [artificial intelligence], federal contracting, or securities businesses."
Responding to the report, Rep. Pramila Jayapal (D-Wash.) took to social media to call for a full ban on congressional stock trading.
Members of Congress are continuing to buy and sell stocks as if they’re on Wall Street.They’re not doing it for the interest of their constituents — it’s in the interest of their pockets.We need a FULL ban on congressional stock trading.
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— Congresswoman Pramila Jayapal (@jayapal.house.gov) July 28, 2026 at 1:00 PM
Last week, the House of Representatives passed the Stop Insider Trading Act in a bipartisan vote; however, the current legal framework is primarily based on preventing self-dealing and boosting disclosure, not a trading ban.
Last year, Jayapal introduced the bipartisan Restore Trust in Congress Act, and Krishnamoorthi (D-Ill.) revived the ETHICS Act, both of which would "prohibit members of Congress, their spouses, and dependent children from owning or trading individual stocks, securities, commodities, or futures."
Monday's disclosure comes as SpaceX is already facing intense scrutiny over its growing influence in Washington, DC. In 2023, environmental groups sued the Federal Aviation Administration over approvals allowing expanded Starship launches in South Texas, arguing the agency violated federal environmental law by failing to adequately assess impacts on nearby wildlife refuges and endangered species amid a string of failed launches in which rockets exploded.
Earlier this year, tribal and conservation groups filed a lawsuit aiming to stop the US Fish and Wildlife Service from handing over 715 acres of the Lower Rio Grande Valley National Wildlife Refuge in South Texas to SpaceX in exchange for 683 acres elsewhere.
While conservationists contend that SpaceX launches and explosions threaten wildlife and sensitive habitats, astronomers have warned that the company's rapidly expanding Starlink satellite constellation is cluttering near-Earth orbit, degrading dark skies, and interfering with astronomical observations.
Critics have also raised concerns about Musk's relationship with federal regulators, with questions repeatedly raised surrounding the independence of agencies responsible for overseeing SpaceX as the company seeks further launch approvals.
While Musk's short-lived stint as the de facto head of the so-called Department of Government Efficiency ended last year, a mix of former employees from Musk companies SpaceX, Tesla, and xAI were granted access or assigned to at least 15 executive branch agencies during 2025, according to reporting by The Washington Post, The New York Times, NPR, Wired, and other outlets.
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Congress: Protect Working People's Retirement From Risky Tech Cos Like SpaceX
Index providers play a prominent role in millions of working peoples’ retirement security, but they are largely unregulated. This needs to change.
Jul 22, 2026
Millions of working people keep their hard-earned money in low-cost index funds to secure a dignified retirement and meet other financial goals. In choosing index funds, these everyday investors assume financial industry intermediaries, regulators, and lawmakers are working to keep this investment strategy a safe and conservative one.
But the infrastructure that has historically given index fund investors this sense of security is eroding. Index providers, exchanges, and asset managers are all changing their policies and practices in ways that weaken investor protection to the benefit of executives, directors, and other corporate insiders, just in time for several Silicon Valley companies hitting the market.
Meanwhile, the Securities and Exchange Commission (SEC) is turning away from its investor protection mission to protect corporate insiders, and states are weakening investor protection tools to convince corporate management to pick them as their state of incorporation.
SpaceX provides a clear example. Elon Musk’s company went public in June at a sky-high valuation divorced from the company’s fundamentals. Mega AI companies Anthropic and OpenAI are also expected to go public soon.
Should we face another financial crisis or drastic market correction, Congress must not bail out corporate insiders or other powerful financial players that benefited from inflating the bubble and instead focus on protecting regular investors, families, and communities.
Traditionally, the major indices have required companies’ stock to trade publicly for a length of time to establish their financial stability before adding them to an index. But nearly all the major index providers have recently changed their rules to fast-track SpaceX and other large, recently public companies. (Notably, the S&P held the line after pressure from House Financial Services Committee Ranking Member Maxine Waters (D-Calif.), the AFL-CIO, and my organization—Americans for Financial Reform.)
The fast-tracking by the Russell 3000, the Nasdaq 100, and other major indices sets the stage for deep-pocketed early investors to cash out while leaving retirement savers holding the bag in the likely event the company’s share price comes down to better reflect the company’s actual viability.
To make matters worse, most SpaceX investors will have little redress in the event they are harmed by wrongdoing on the part of the company, Musk, or other insiders. SpaceX is trying to ban class actions and force lawsuits into Texas Business Court or arbitration (both notoriously insider-friendly fora).
SpaceX was able to include a forced arbitration provision in its IPO deal after the SEC made an about-face, effectively allowing companies to block a powerful tool to combat corporate fraud and misconduct.
SpaceX is also taking advantage of Texas corporate law provisions that make it exceedingly difficult to bring claims under state law to hold corporate insiders accountable for wrongdoing.
In the meantime, regular shareholders are being denied the opportunity to provide meaningful input. Musk retains 85% voting power in a multi-class share structure where holders of one class of shares have 10 times the voting rights of shares available to the public.
One of the more disturbing implications of this structure: Only Musk can fire himself.
Meanwhile, as massive AI companies are seeking to go public, the SEC has proposed rules that would permit SpaceX and other large companies to make significantly fewer disclosures compared with what large public companies are currently required to make.
To protect working families’ retirement funds, Congress and financial regulators need to step in. Index providers play a prominent role in millions of working peoples’ retirement security, but they are largely unregulated. This needs to change. Relatedly, asset managers of index funds need to be further regulated so they do not effectively outsource their responsibilities to largely unregulated index providers or use their voting power to rubber-stamp management decisions.
We also need to curb the power of corporate insiders, who call the shots on where a company is incorporated and on which exchanges they’re listed, by setting a federal floor that protects long-term investors and workers.
Congress should also set more stringent requirements for the SEC so it doesn’t lose sight of its mission to protect investors, including by mandating robust disclosures; disallowing forced arbitration; having a more public, thorough process for reviewing the paperwork companies need to file before they can go public; and eliminating or sharply curtailing the SEC’s authority to exempt regulated entities from requirements.
JPMorgan Chase CEO Jamie Dimon recently warned that today’s bullish stock market feels like 2007, when the country was on the brink of a financial crash. When that crash hit, working people wound up bearing the brunt of the crisis while Wall Street banks and their corporate clients got bailed out.
Should we face another financial crisis or drastic market correction, Congress must not bail out corporate insiders or other powerful financial players that benefited from inflating the bubble and instead focus on protecting regular investors, families, and communities.
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Astronomers Denounce Elon Musk-Led Plan to Pollute Earth's Orbit With 1.7 Million Satellites
Some of the satellites "would be the brightest ever in orbit, with damaging consequences for dark skies on Earth," said the European Southern Observatory.
Jul 01, 2026
European astronomers on Wednesday urged the US Federal Communications Commission to block a plan led by SpaceX CEO Elon Musk to launch a total of 1.7 million satellites into the Earth's orbit, warning that the use of so many extremely bright satellites—partially to support artificial intelligence data centers—would have “devastating consequences for astronomy.”
SpaceX's Starlink telecommunications program has already rapidly increased the number of satellites orbiting the Earth, with the total now exceeding 14,000 since 2019.
Now the space exploration company led by Musk—a former special government employee under the Trump administration—has plans to send 1 million more satellites into space, which would "significantly alter the appearance of the sky," according to a new study by the European Southern Observatory (ESO).
Scientists found that 100,000 is the maximum number of satellites—ones that are faint enough to be invisible to the naked eye—that can orbit the Earth in order to allow astronomers to continue observing the sky with modern telescopes.
In addition to Musk's launches, the US startup Reflect Orbital has proposed launching a constellation of 50,000 "very large mirror-like satellites to provide sunlight at night," said ESO.
"These satellites would be the brightest ever in orbit, with damaging consequences for dark skies on Earth," said the observatory. "Seen from within a reflected beam, the satellite delivering sunlight would appear four times brighter than the full Moon. Even if no satellite points its beam directly at an observer, each would be as bright as the planet Venus, the ‘morning star.' From a light-polluted city, like Munich, Germany, these hundreds of satellites would be the only ‘stars’ visible in the night sky."
The startup E-Space and two Chinese constellations, CTC-1 and 2, would also add hundreds of thousands of satellites into orbit.
The companies' satellite project could hinder scientists' ability to observe far-away galaxies, Earth-like planets near other stars, and asteroids that could potentially endanger the planet.
"Satellites, illuminated by the sun, are much brighter than distant galaxies. When a satellite crosses what we observe, it makes a bright streak on our image, zapping whatever is behind it," said ESO astronomer Olivier Hainaut, who led the study.
Hainaut noted that the planned launches could have economic and ecological impacts on the planet and humankind as well as harming astronomy.
Extreme light pollution from the bright satellites could disrupt people's biological clocks and ecosystems across the planet, and the satellites could also directly impact air quality due to the numerous launches required to send them into space and the "atmospheric pollution caused as they burn up on reentry at the end of life."
ESO conducted the research as the FCC considers applications from SpaceX and Reflect Orbital regarding the satellite launches
“The FCC received over 1800 comments regarding Reflect Orbital and nearly 1,500 comments on the application by SpaceX,” said ESO institutional affairs officer Betty Kioko. “The ball is now in the FCC’s court, and we wait to see the determinations they make on both filings. For optical astronomy, this is an existential threat, and we hope that the regulators will share that view.”
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As Elon Musk Becomes a Trillionaire, Report Highlights 'Darker Realities' of His Texas SpaceX Fiefdom
"Mr. Musk’s bid for planetary reach is about to be turbocharged with billions of dollars of rocket fuel. Who will suffer the fallout if it all blows up?"
Jun 12, 2026
Elon Musk became the world's first trillionaire on Friday, as his private space exploration firm SpaceX became a publicly traded company with a market cap of $2 trillion despite reporting negative net income for two of the last three years.
To mark this occasion, The New York Times published an essay by journalist Amy Gamerman, who has spent the last several months documenting life in Starbase, Texas, a city built by Musk to house SpaceX employees.
Gamerman wrote that it's best to think of Starbase as a corporate fiefdom that has been granted extraordinary treatment by Texas' state government.
"One new Texas law makes interfering with Starbase’s operations potentially punishable with jail time," the journalist explained. "Another allows the company to shut down the highway into town and to the beach at the mayor’s discretion. Another shields SpaceX, and by extension Starbase, from lawsuits by neighbors over nuisance caused by its rockets."
While the community of nearly 600 people appears idyllic, Gamerman found there are several "darker realities" lying beneath the surface, with one resident who wished to remain anonymous saying that Starbase is "like living in a dictatorship" where people fear raising concerns will lead to retaliation by the company.
Another disturbing aspect outlined in Gamerman's essay is the way that Starbase seemingly operates outside the laws and norms of the rest of society.
For example, the city has now erected electronic gates on every single road leading to Starbase Village, the main center of the city where SpaceX employees live and that is cut off from other parts of the community.
"Those who live outside the gates of Starbase Village... often feel shut out," wrote Gamerman. "Amber Pompa said her father, Homer Pompa, a disabled veteran who lives near Starbase Village, has no access to the restaurants or any other buildings there. And as Starbase expands, new gates have gone up in other parts of town."
Gamerman also highlighted the story of Jose Luis Bautista Jr., a 25-year-old construction worker who died in an accident in Starbase last month. When the nearby city of Brownsville dispatched an ambulance to take Bautista to a hospital, Starbase officials denied it access and said their own emergency medical services were handling the situation.
The incident, noted Gamerman, is being investigated by the Occupational Safety and Health Administration.
Taking a look at the broader picture, Gamerman expressed concern that Musk becoming a trillionaire could allow him to expand his vision of billionaire-owned cities across the US.
"Mr. Musk’s bid for planetary reach is about to be turbocharged with billions of dollars of rocket fuel," the journalist concluded. "Who will suffer the fallout if it all blows up?"
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'Trillionaires Shouldn't Exist': Obscene Musk Milestone Spurs Calls for Aggressive Wealth Tax
"The level of wealth that Mr. Musk has reached requires human exploitation, wage theft, wage suppression, anti-competitive markets, monopolistic control, price collusion, inadequate tax systems, and corruption."
Jun 12, 2026
Elon Musk's net worth surged past $1 trillion on Friday as SpaceX—the rocket company he founded and controls—made its debut on the public market, prompting global revulsion and calls for an aggressive wealth tax to rein in out-of-control inequality.
“Musk became the world's first trillionaire because our tax system shields the wealth of the ultra-wealthy from taxation while requiring working to people pay taxes on every paycheck," said Igor Volsky, director of the Tax the Greedy Billionaires Campaign. "Today’s milestone should serve as a wake-up call to us all."
"Unless we plan to cede control and agency over our future to a handful of ultra-wealthy individuals, lawmakers must pursue bold tax policies that actually meet this moment—not just slowing the accumulation of extreme wealth, but reversing it," Volsky added. "That means passing taxes on billionaire wealth ambitious enough to make the ultra-wealthy less wealthy, reduce the stranglehold they have over our economy and democracy, and restore the ideal that no one in America gets to buy their way to unchecked power.”
Reuters reported Friday that "most of Musk's wealth now rests with SpaceX, where he holds a stake worth roughly $866 billion."
"Along with Tesla and the rest of his properties, his net worth will exceed $1.1 trillion when the stock begins trading Friday," Reuters noted. "The tally includes stock components that would vest over time."
While Musk's on-paper fortune could drop below the trillion-dollar mark if SpaceX's stock price drops below $135 per share—which is highly possible, as experts argue the company's valuation is absurd—campaigners said Friday that the milestone is an appalling product of a society that has allowed the mega-rich to dictate policy, funneling immense wealth to the very top while millions worldwide face hunger, violent displacement, and preventable disease. Oxfam has estimated that just a 10% tax on Musk's fortune could lift 800 million people above the extreme poverty line.
“Eighty-six of Americans are worried about the price of food. Elon Musk is a trillionaire. These two things are deeply, inherently connected," said Erica Payne, founder and president of the advocacy group Patriotic Millionaires. "The level of wealth that Mr. Musk has reached requires human exploitation, wage theft, wage suppression, anti-competitive markets, monopolistic control, price collusion, inadequate tax systems, and corruption. Mostly inadequate tax systems and corruption."
Musk's companies, including SpaceX, have relied heavily on and benefited massively from government contracts, subsidies, and research, while paying minimal taxes.
The New York Times reported last year that SpaceX "has most likely paid little to no federal income taxes since its founding in 2002 and has privately told investors that it may never have to pay any, according to internal company documents." As for Tesla, the Institute on Taxation and Economic Policy found earlier this year that the company "avoided almost all federal income tax on over $12 billion of US income over the past three years."
Musk, whose immense wealth is largely stock appreciation that is not taxed in the US unless shares are sold, paid nothing in federal income taxes in 2018, according to ProPublica. "Between 2014 and 2018, he had a true tax rate of 3.27%," the investigative outlet noted.
Writer Elizabeth Spiers argued Friday that "trillionaires shouldn't exist," noting in a column for The Nation that "as Musk's wealth multiplies, he continues to prosper on the public dime."
"Musk’s cosmic-scale wealth-hoarding is particularly abhorrent when you place it against the backdrop of how much damage he’s done," wrote Spiers. "It’s hard to quantify the scale of destruction and deprivation that he will never personally be held accountable for. How do you value the lives of the hundreds of thousands of people who have died since Musk, in his words, gleefully 'fed [USAID] into the woodchipper'? How do you value the lives of people who will die because DOGE cut major biomedical research funding?"
"Musk has enriched himself via a rigged investment economy ensuring that those with the most contribute the least—or in many cases, nothing at all," Spiers added.
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As SpaceX Goes Public, Iran Media Reports Musk Companies Are Legitimate Military Target
Iranian threats against SpaceX facilities came as the company had a record-breaking IPO.
Jun 11, 2026
While Elon Musk's SpaceX rockets have typically had no trouble exploding on their own accord, they could soon get some assistance from the Islamic Revolutionary Guard Corps.
Tehran's state-run Fars News Agency reported on Thursday that Iranian officials have added assets owned by Musk throughout the Middle East to their target lists, noting the US and Israeli military's use of SpaceX's Starlink satellite services in operations against Iranian infrastructure.
As reported by Forbes, SpaceX has Starlink ground stations in Qatar, Jordan, United Arab Emirates, and Oman that could be potential targets of future Iranian attacks. However, the Starlink facilities may not be the only targets, as Iran reportedly said it "reserves the right to strike all Musk-affiliated facilities in the region," according to Forbes.
Iran's threats to attack SpaceX facilities came as the private space exploration firm made an initial public offering (IPO) on Thursday that the Wall Street Journal reported broke the record for the largest in history.
According to the Journal, SpaceX sold $75 billion worth of shares during the IPO at $135 apiece, giving the company a valuation of $1.77 trillion.
The SpaceX IPO has come under criticism in recent weeks over revelations that the Nasdaq stock market exchange changed its own rules so that company can be immediately included in index funds without having to wait through the one-year “seasoning” period that used to be required for newly public firms.
Other critics have raised red flags about SpaceX's profitability, noting that it made only $19 billion in profits last fiscal year, giving it a valuation 54 times larger than its projected revenue multiple, a measure of its value based on expected future earnings.
SpaceX shares are set to begin trading publicly on Friday.
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Trillionaire Welfare Baby Elon Musk Is Born!
After learning how to game the system, Musk took American loans, American intellectual property, American space, American airwaves, and turned them into a wealth engine for one man.
Jun 11, 2026
SpaceX goes public Friday at around $1.7 trillion. Elon Musk owns enough SpaceX stock that, on top of everything else he holds, Musk becomes the first person in human history to cross the trillion-dollar line. The coverage will be all hype. Unprecedented. A genius. Where’s he going next? What does the future hold?
It wasn’t like Elon Musk invented some amazing capacity. He didn’t do something transformational for the world. He didn’t harness electricity. He didn’t invent the transistor. He didn’t invent rocket flight. He didn’t invent satellite technology. He didn’t even make them much better.
What he did was learn how to game the system. He took what America built through generations of investment and generations of hard work and turned it into a profit center for himself. He took American loans, American intellectual property, American space, American airwaves, and turned them into a wealth engine for one man.
In a purely capitalist system, SpaceX wouldn’t exist. It would’ve died in 2008. The company was broke, three rockets had failed, and Musk was burning the last of his money. Then NASA wrote a $1.6 billion contract.
Tesla exists because of a half-billion-dollar loan from the American government, handed over in 2010 when the banks wouldn’t touch him. The deal gave the government the right to buy three million shares of Tesla stock at a locked-in cheap price. That was our cut if the company took off. The company took off, and Musk rushed to pay the loan back nine years early, because under the deal, early repayment canceled the government’s shares. They were worth about $270 million the week he wired the money, and Tesla’s stock has multiplied many times over since. The press called the repayment a triumph. We got our money back with a little interest, and he kept the stock the American people were due.
SpaceX is the same story just bigger. In a purely capitalist system, SpaceX wouldn’t exist. It would’ve died in 2008. The company was broke, three rockets had failed, and Musk was burning the last of his money. Then NASA wrote a $1.6 billion contract for cargo runs to the space station, and that money built the Falcon 9. The people who study this industry say it plainly. NASA is what saved the company when it was on the brink of bankruptcy.
And NASA by then was an agency we’d been squeezing since the 1980s. We decided, instead of doing things ourselves as a nation, instead of demanding the lion’s share of what we’d developed over sixty years of rocketry and satellites and spaceflight, that we’d hand it off to billionaires and let them compete for the contracts. SpaceX now holds around $22 billion in federal contracts. Across the whole Musk empire the public money runs closer to $38 billion. The launch pads, the airwaves, the satellites overhead, the early customers, the technology our space program spent two generations developing. He built on all of it, and we kept no share of it.
I’m not saying SpaceX is bad at rockets. The rockets work. But outbidding Boeing and Lockheed, the most bloated contractors in America, is a low bar, and he cleared it with technology our space program developed, on contracts we paid for. And China is proving right now that none of it was one man’s miracle. They’re behind on reusable rockets and behind on launch rates, sure. They’re also closing fast, as a national project, with state companies and state-backed startups and satellite constellations in the tens of thousands. Getting to space is something a country can decide to build and own. We decided to hand it to one man instead.
The rest of his fortune sits in Tesla, and that deal is even worse. Tesla is worth more than every other major carmaker on the planet combined. Toyota, BYD, GM, Ford, Volkswagen, Honda, Mercedes, BMW, all of them together, still short of Tesla. Plenty of those companies earn more actual profit than Tesla does. Toyota alone makes several times Tesla’s money. The valuation isn’t a measure of the business. It’s an obvious bubble, one of those bubbles people will look back on like the tulip bubble and ask how anybody ever believed it.
SpaceX now holds around $22 billion in federal contracts. Across the whole Musk empire the public money runs closer to $38 billion. The launch pads, the airwaves, the satellites overhead, the early customers, the technology our space program spent two generations developing. He built on all of it, and we kept no share of it.
Meanwhile the tariffs are the only reason Chinese carmakers aren’t whipping us in our own market. BYD passed Tesla as the biggest seller of electric cars in the world, and it makes a good one for around ten thousand dollars. Musk has admitted himself that without trade barriers, Chinese automakers would demolish most of their rivals. The tariff wall protects the whole American industry, and Tesla is its single biggest beneficiary. We’re babying these companies instead of pushing them to get better, and we’re not taking a dime of ownership while we do it.
They’ll tell you the wall is national security. It isn’t. We haven’t kept our means of production. We don’t make enough steel even for ourselves, and that’s while we’re barely building anything. Start building at scale again and we’d be importing even more of it. We can’t build transmission lines or move energy around this country. We’ve lost the machine tools. We shipped the means of production to China and other countries, and now we’re handing what’s left to a handful of billionaires. National security would be making these companies better. It would be forcing them to share the patents we paid to develop. It would be forcing a universal charger. It would be making them earn their money through quality production that competes on the open market, not through bubble valuations.
Then they handed him our retirement accounts. When a company joins a major stock index, every fund tracking that index has to buy it. Nobody decides the company is worth the money. The rule says buy. So every two weeks tens of millions in paychecks pour in on autopilot. SpaceX wanted that money sooner than the rules allow, because Elon Musk is special, apparently. His advisers pushed the index providers to change the rules, and two of the three folded. Nasdaq rewrote its policy so a company like SpaceX can join in 15 trading days instead of three months. Russell cut its wait to five. Somewhere around $22 to $27 billion in automatic buying will hit a stock with almost no shares actually trading. The S&P 500, the biggest index of them all, refused. It said earn your way in, a company that loses money doesn’t qualify. One gatekeeper said no. Two said yes. The rules got bent for him, and that’s not speculation. It happened. One more handout, except this time the money is yours, pulled out of your paycheck and pointed at his stock whether the price makes sense or not.
We’ve watched this movie before. Amazon went a decade without real profits and the market funded it anyway, because everyone could see the government handing it advantage after advantage. Bezos planted the company in Washington State to dodge sales tax, and for twenty years Amazon skirted sales taxes across most of the country, a built-in discount on every order that local stores couldn’t match, because they had to charge the tax. It crushed them. Then cities lined up to hand the richest man alive billions more in breaks for a headquarters. We supported these guys, who then took everything and ran.
Now we’ve created a class of men who hold more wealth than many states. Musk holds more than many countries. That concentration gives one human incomprehensible power, and we will hand him more of it every year. We outsourced our production to China. Now we’re outsourcing our state itself to a few men, who just sub it back out to us.
Tax the oligarchy and the money flows back as rent to the same oligarchs, the medical ones, the housing ones, the tech ones, and we get nothing for it. No power, no stability, no better income. We get a company town as a national economy.
The answer is not a wealth tax. Tax Musk and Bezos and Zuckerberg, pull the money into the government, push it back into broken systems, and you haven’t restructured a thing. Pull wealth from Musk and pour it into a healthcare system that already swallows a huge percentage of dollars before they reach a patient, and you don’t get better health or longer lives. You get more valuable healthcare companies. Pull it into housing allowances and down payment assistance, and you don’t get cheaper homes. You push the prices up, hand the gain to private equity firms that already own the housing, and make it harder for the next family that wants to own a home. A wealth tax spreads a little money around the top and leaves the same people owning the same things. It doesn’t move power. Tax the oligarchy and the money flows back as rent to the same oligarchs, the medical ones, the housing ones, the tech ones, and we get nothing for it. No power, no stability, no better income. We get a company town as a national economy.
The answer is ownership. Take back a stake in what was built with our money, our research, our protection. And before anyone says it can’t be done, Donald Trump has shown us it’s possible. His administration has taken a 10 percent stake in Intel, stakes in lithium and rare earth companies, and a golden share in US Steel. The taboo is broken. The government demanding equity for its support is now just a thing that happens.
But the golden share in US Steel is veto power with no money in it, a say with no stake. The Intel shares are also money with no say. None of it comes with the part that matters, which is input on where these companies go and what they do with the resources we let them use. We protect their intellectual property, most of which we developed. We protect their markets. We give them our military, our courts, our FBI, a stable country to get rich in. And what we’re getting back is poorer and sicker, with a shrinking share of the things that are ours.
Real public ownership means both. The profits and the say-so, together, the demands any investor would make. When the public builds the thing, the public owns a piece of the thing. Call it American Equity. We knew how to do this. The New Deal did it. The Arsenal of Democracy did it. The country that built the Transcontinental Railroad and the New York City subway did it. That system, the one Hamilton started with public credit behind American manufacturing, is the system China runs today. They took our playbook. We traded it for stock market rackets.
We can raise hospitals. We can send rockets into space. We can launch satellites, and we can do it for ourselves. There’s nothing particularly amazing about Elon Musk except his willingness to fleece the American people out of what’s theirs. So stop. Stop handing him the contracts. Strip the special treatment. Claw back the intellectual property and the advantages we built for him, and go to the moon ourselves again.
They stop existing because they fail to come together and remove the rot, the corruption, the inequality, and demand accountability from the people who’ve dodged it the longest. We’re at the part of the cycle where we take our stuff back, or we fail.
There’s a cycle to this. Countries in the spot we’re in generally stop existing. Not because they lack potential. Not because they have nothing worth producing. They stop existing because they fail to come together and remove the rot, the corruption, the inequality, and demand accountability from the people who’ve dodged it the longest. We’re at the part of the cycle where we take our stuff back, or we fail.
Today they crown the first trillionaire. They’ll say he earned it. The truth is simpler and uglier. He’s a welfare trillionaire. Half a billion in government loans, tens of billions in government contracts, sixty years of our research. We made him.
And a wealth tax won’t unmake him, because taxing the mega oligarch just funds the baby oligarchs. The only way to reclaim the power they’ve taken from us is to take back some of what’s ours, some of our capacity, some of our infrastructure, our share of the things we paid to build. Bernie Sanders said it this week, the public should own half of the big AI companies. We need to be thinking a lot more along those lines. If we want homes people can afford, healthcare that doesn’t bankrupt us, and work that pays, it starts with owning things again.
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Lawsuit Aims to Halt Trump Giveaway of Wildlife Refuge to Appease Elon Musk's SpaceX
"We’re not letting Trump and his political cronies lock the American people out of Texas’ cherished public lands just to give Elon Musk another payday.”
Jun 10, 2026
Several environmental organizations are suing the US Fish and Wildlife Service to stop the agency from handing over hundreds of acres of the Lower Rio Grande Valley National Wildlife Refuge to Elon Musk's company SpaceX.
The complaint—which was filed by the Center for Biological Diversity, Save RGV, the Carrizo/Comecrudo Nation of Texas, and South Texas Environmental Justice Network—alleges that the government is violating federal law that requires any transfers of wildlife refuge lands to private ownership to result in net conservation benefits.
Instead, the complaint says the proposed deal with SpaceX would lead to a loss of more 715 acres of wildlife refuge land in exchange for 683 acres of private land.
Bekah Hinojosa, co-founder of the South Texas Environmental Justice Network, expressed particular concerns about SpaceX building facilities on the land given that the company's rockets regularly cause environmental damage by exploding.
"Elon Musk has built his explosive SpaceX facility in the middle of a major wildlife corridor home to endangered and threatened species like ocelots and wetlands," said Hinojosa. "There was never supposed to be space rockets blowing up here."
Laiken Jordahl, national public lands advocate at the Center for Biological Diversity, accused President Donald Trump's administration of handing over vital public lands to "the world’s richest man, who could trash them while playing with his exploding rockets."
"We’re not letting Trump and his political cronies lock the American people out of Texas’ cherished public lands," added Jordahl, "just to give Elon Musk another payday.”
Mary Angela Branch, board member at Save RGV, said that SpaceX's presence in the area has already been an "unmitigated disaster" for the local environment, and she warned the land transfer plan would "permanently sever the very heart of the wildlife corridor established by Congress in 1979."
"This corridor, running along the Rio Grande... is prime wildlife habitat, and nothing gained in this ‘swap’ will be equal," Branch emphasized. "This will be a huge loss."
In addition to opposition from the plaintiffs in the lawsuit, the proposed transfer to SpaceX has drawn significant opposition from some local residents. According to a report published last week by the San Antonio Express-News, more than 3,400 letters have been submitted to the US Fish and Wildlife Service expressing opposition to the transfer.
Musk, who on Wednesday was accused by politicians in the UK of stoking racial hatred that led to violent pogroms in the city of Belfast, is aiming to become the world's first trillionaire ty making SpaceX a publicly traded company this month.
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'The IPO Is Being Engineered': 12-Minute Video Details Growing Fears Over Elon Musk Plot to Become World's First Trillionaire
As the Trump-backed oligarch tries to grow even more wealthy and with longstanding rules changed to his benefit ahead of the SpaceX public offering, "retirees could take huge losses, while insiders cash out."
May 28, 2026
Billionaire Elon Musk has ambitions to become the world's first trillionaire when his company SpaceX makes what is expected to be the biggest initial public offering in history—and money unwittingly invested by ordinary Americans may help him get there.
Progressive media outlet More Perfect Union on Wednesday published a video detailing how the Nasdaq stock market exchange changed its own rules so that SpaceX can be immediately included in index funds without having to wait through the one-year "seasoning" period that used to be required for newly public companies.
The reason companies in the past had to wait a year to be included in index funds is that such funds contain a large chunk of Americans' retirement savings, and are thus supposed to be more averse to risk.
Watch the 12-minute video:
NEW: Elon Musk wants a SpaceX IPO valuing the company at upwards of $1.75 trillion.
To get there he got the rules changed so that index funds, with millions of Americans' retirement savings, are forced to buy in.
Retirees could take huge losses, while insiders cash out. pic.twitter.com/DviJEt0XAu
— More Perfect Union (@MorePerfectUS) May 27, 2026
This means that ordinary investors could see their money plunged into an unproven company while investors who have bankrolled Musk's previous ventures now rolled into SpaceX could cash out at inflated prices.
"Every piece of evidence we have is that the IPO is being engineered to rise very rapidly after it prices, and then fall very dramatically after that," George Pearkes, global macro strategist for Bespoke Investment Group, told More Perfect Union. "That is a recipe for retail investors, especially, to take large losses."
SpaceX is a particularly risky bet, Preakes added, given that it is seeking a $1.75 trillion valuation with its IPO. For a company that made only $19 billion in profits last fiscal year, critics say a valuation 54 times larger than its projected revenue multiple, a measure of its value based on expected future earnings, is a huge red flag.
"This combination of extreme size and this extreme multiple," Peakes said, "is completely unprecedented."
Pearkes isn't in the only expert concerned about the structure of the SpaceX IPO.
Writing at Seeking Alpha, independent equity researcher Julia Ostian similarly argued that the SpaceX IPO is structured using a "calculated mechanism that will feed the artificial demand generated by the forced index fund buyers," and thus at least initially send share values soaring beyond what the company's fundamentals would suggest, and giving insiders an opportunity to quickly cash out.
Ostian added that "it is clear who is the beneficiary here and who pays the price for this engineered system," and said that "the rich are getting richer openly, without hiding it or even without trying to pretend it’s something else."
As More Perfect Union emphasized, the entire IPO was orchestrated by Musk for maximum advantage to himself and his closest allies, but he needed regular Americans to put up the money for the scheme to work.
"He got the rules changed so that index funds, with millions of Americans' retirement savings, are forced to buy in," the outlet noted. "Retirees could take huge losses, while insiders cash out."
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