With Elon Musk now within reach of becoming the world’s first trillionaire, Oxfam has released a new analysis, “Trillionaire in the Making,” examining how Tesla has fueled his extraordinary wealth.

The report argues that Tesla’s tax strategies, governance structure, labor practices, and political influence have helped concentrate gains at the very top while inequality in the United States deepens.

Oxfam frames Musk’s potential trillion-dollar fortune not as a milestone to celebrate, but as evidence of a system that increasingly rewards extreme wealth over broad economic fairness.

The question, Oxfam suggests, is not whether one man can become a trillionaire — but what that says about the rules shaping today’s economy.

“No single person should be this close to accumulating $1 trillion, and Musk’s obscene fortune is certainly not the byproduct of only hard work or talent. Much of his personal wealth is the direct result of a broken system rigged by corporate greed, exploitation, and extraction. But the problem doesn’t stop at Musk or Tesla, and it shouldn’t distract us from the oligarchic concentration of power that is dangerously spiralling across our economy. It’s time we overhaul our political system to stop serving billionaires and the corporations they control, and start holding them accountable,” said Irit Tamir, Oxfam America’s senior director of corporate accountability and worker justice.

Even reaching the $1 trillion mark is unlikely to be the end of Musk’s unprecedented wealth accumulation. Last November, a majority of Tesla’s shareholders approved a staggering compensation package potentially worth up to an additional $1 trillion over the next decade. Musk’s impending trillionaire status does not even account for this pay package. This, in addition to February’s news that Musk-owned SpaceX acquired xAI ahead of its planned IPO, will continue to catapult Musk into a whole new stratosphere of wealth.