Elon Musk’s Wealth Exposes Folly Of Antitrust Embrace By State AGs

BusinessPolicyElon Musk’s Wealth Exposes Folly Of Antitrust Embrace By State AGsByJohn Tamny,Contributor.Follow AuthorJun 15, 2026, 12:30pm EDTSummaryElon Musk's vast fortune isn't solely from founding innovative companies, but significantly because investors initially doubted Tesla and SpaceX, leading him to retain greater equity. This scenario highlights the flawed premise of aggressive antitrust enforcement, which often presumes a predictable commercial future. The Trump administration, recognizing this market opacity, wisely reduced federal antitrust actions, exemplified by its eventual approval of HPE's Juniper Networks acquisition. However, despite the 2024 election's clear rejection of Biden-era policies, State Attorneys General are persistently pursuing aggressive antitrust challenges. These state-level actions, seemingly adhering to a past administration's vision, stifle corporate innovation and prevent businesses from adapting to an unpredictable future. This approach disregards the electorate's message against overregulation, hindering economic dynamism.Show More NEW YORK, NEW YORK - FEBRUARY 14: NY Attorney General Letitia James speaks during a press conference on the Department of Government Efficiency (DOGE) at Manhattan Federal Courthouse on February 14, 2025 in New York City. James was joined by Connecticut Attorney General William Tong for a press conference ahead of a scheduled court hearing as they discussed their ongoing lawsuit with 17 other state attorneys general to stop Elon Musk’s DOGE from accessing personal data housed in the Treasury Department. (Photo by Michael M. Santiago/Getty Images)Getty ImagesWhy is Elon Musk so rich? Clown question, right? He started amazing companies. It all sounds so simple, except that the explanation fails to explain Musk’s individual wealth. A much bigger driver of it is that with SpaceX and Tesla, both were expected to fail. As CNBC’s James Cramer said in 2010 when Tesla floated...