Elon Musk just made 4,400 SpaceX workers into millionaires – welders, machinists, baristas, every one of them.
Adam Schiff watched it happen and reached for his microphone.
What Schiff said next reveals exactly what Democrats plan to do the moment they have power.
Adam Schiff's Plan for Elon Musk's Trillion Dollar SpaceX Fortune
On June 12, SpaceX made its historic debut on the Nasdaq – opening 11 percent above its IPO price and closing the day up nearly 20 percent.
The listing pushed Musk's net worth past $1 trillion, making him the world's first trillionaire.
Those gains didn't stay at the top – SpaceX had structured equity into compensation packages for workers at every level, and the IPO cashed them out.
One former engineer who moved to Italy five years ago found himself sitting on $28 million in shares.
Senator Adam Schiff's response was to release a video fantasizing about how "we" could divide up the trillion.
Distributed equally to American households, Schiff said, it would come to $7,500 per family.
It could pay for the college education of 7.7 million people, or cover all childcare costs for 4.3 million kids from birth through age 18.
Schiff left out one detail: Musk does not have a trillion dollars sitting in a bank account.
His wealth is locked up in SpaceX equity – and seizing it means destroying the company that created it.
Destroy that company and the 401(k)s and pension funds of millions of ordinary Americans who own SPCX shares go with it.
Schiff called Musk's fortune a "product of a corrupt system" – then doubled down after Fox News called his video a "war on success," falsely claiming Fox had endorsed his framing.
California Billionaire Tax and 9.5 Billion in Illegal Immigrant Healthcare Show Where the Money Goes
Schiff's fantasy video isn't a fringe idea inside the Democrat Party.
It is the policy.
California Democrats have already gathered 1.6 million signatures – nearly double the requirement – to put the 2026 Billionaire Tax Act on the November ballot.
The measure would impose a 5% one-time tax on billionaires' assets – not their income, their assets – including illiquid stock in private companies.
A tech founder with $2 million in liquid cash but $100 billion in locked-up startup equity would owe California $5 billion.
The moment the proposal was announced, billionaires started buying properties in Nevada, moving business entities to Florida, and shutting down California offices.
Google co-founder Larry Page moved his family office out of state.
Larry Ellison reportedly sold his San Francisco home in what would have been the city's largest real estate transaction of 2025.
Attorney Alex Spiro – whose clients include Musk himself – wrote a letter to Gov. Gavin Newsom warning the proposal would trigger a permanent exodus of capital and innovation.
Even Newsom called it "really damaging" and "bad economics."
The billionaires Democrats want to punish are already leaving – and taking their tax revenue, their employees, and their investments with them.
Gavin Newsom made California the first state in the country to hand out free healthcare to every illegal alien in the state – and it cost taxpayers $9.5 billion in a single budget year.
The program drove Medi-Cal to insolvency, forcing Newsom to beg for emergency loans and cut coverage for elderly and disabled Californians who had paid into the system their entire lives.
In Washington, House Democrats made their position equally clear – nearly 200 of them voted against the Deporting Fraudsters Act in March 2026, a bill that would have deported illegal aliens convicted of welfare fraud.
Democrats want to rob hard working Americans and give their money to illegal aliens.
Adam Schiff Wealth Tax Fantasy Ignores What Democrats Already Did With the Money
Schiff called Musk's success "a product of a corrupt system."
Musk came from South Africa with an idea, built the company that just made 4,000 American workers millionaires, and is now preparing the first crewed Mars mission.
Democrats took the revenue California's highest-in-the-nation tax rates produced, spent every dollar of it, and now they want the assets too.
Schiff has spent his Senate career as part of the same machine that has run up trillions in federal debt while delivering none of the free childcare and free college he now promises to fund with someone else's money.
The government has never had a revenue problem.
It has always had a spending problem – and the solution Democrats keep reaching for is the same one: find someone with more and take it.
The billionaires leave, the tax base shrinks, and the politicians come back for the next tier down.
Sources:
- Nick Arama, "Adam Schiff's Latest Elon Musk Wealth Grab Fantasy Is Even Worse Than It Sounds," RedState, June 21, 2026.
- Brian Contreras, "An Intern Disobeyed His Parents and Joined SpaceX in 2011. Following Its Historic IPO, He and Thousands of Other Employees Are Now Millionaires," Inc., June 12, 2026.
- "SpaceX IPO Creates Windfall for Thousands of Current and Former Workers," Fox Business, June 12, 2026.
- "Tech Insider Warns California Tax Hikes Will Trigger Mass Billionaire Exit," Fox News, January 9, 2026.
- "Democrats Reignite Calls for Wealth Tax After Elon Musk Hits Trillionaire Status," The Hill, June 2026.
- "Almost 200 House Dems Vote Against Deporting People Who Commit Welfare Fraud," Fox News, March 18, 2026.
- "California to Spend $8.4 Billion This Year on Health Care for Illegal Aliens," House Budget Committee, March 26, 2025.