Sen. Adam Schiff slammed what he called a “corrupt system” after SpaceX‘s (NASDAQ:SPCX) historic Nasdaq debut made CEO Elon Musk the world’s first trillionaire.

Trillionaire Wealth, No Health Care

“There is something terribly wrong about an economy that produces its first trillionaire, but cannot provide health care for its people,” Schiff wrote in an X post late Friday.

He added that “the richest handful of families have the combined wealth of almost forty percent of the rest of the country,” calling it “the cost of a corrupt system, where wealth perpetuates itself, and poverty, at the same time.”

There is something terribly wrong about an economy that produces its first trillionaire, but cannot provide health care for its people.Or one in which the richest handful of families have the combined wealth of almost forty percent of the rest of the country.This is the cost… https://t.co/TCveruchlK

— Adam Schiff (@SenAdamSchiff) June 13, 2026

Gov. Gavin Newsom echoed the criticism, calling the system “rigged,” citing high grocery and gas prices.