The SpaceX IPO made Musk a trillionaire. The old rules of capitalism no longer apply | Robert Reich (opens in new tab)

The economic principles taught in school aren’t as relevant as hype, connections and total, arbitrary controlElon Musk is now the world’s first trillionaire, after his SpaceX exploration and satellite company went public on the Nasdaq today.With shares priced at $135 each, Musk’s aerospace and satellite maker soared to an overall market valuation of approximately $1.77tn – which raised Musk’s net worth (which had already hovered at the astronomical $813bn) into the $1tn stratosphere.