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Energy Spike Erases Wages; Musk Hits Trillion, Elite Own 12%

6/13/2026

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Summary

Story summary

The Bureau of Labor Statistics said a surge in energy prices erased a year and a half of wage gains for the average American worker.
SpaceX’s public-markets debut on Friday made founder Elon Musk the world’s first trillionaire.
Economists Gabriel Zucman and Emmanuel Saez estimate the top 0.00001 %—about 20 people—now own roughly 12 % of U.S. annual output, four times the Gilded Age share.

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Story summary

The Bureau of Labor Statistics said a surge in energy prices erased a year and a half of wage gains for the average American worker.
SpaceX’s public-markets debut on Friday made founder Elon Musk the world’s first trillionaire.
Economists Gabriel Zucman and Emmanuel Saez estimate the top 0.00001 %—about 20 people—now own roughly 12 % of U.S. annual output, four times the Gilded Age share.