Tributum Newsletter #88

1,000,000,000,000…that is what it looks like. And that is what Elon Musk is reported to have become when SpaceX listed on the Nasdaq during June 2026 – a US $ trillionaire. To put it into perspective a trillion seconds is roughly 31,700 years. iI you spend a million per day it would take more than 2700 years to spend a trillion.

Obviously, the discussions around inequality and taxing the rich have gained new traction. Yes, it is obscene wealth. But it’s not like Elon has a $ trillion in cash lying in a vault somewhere. The bulk of it is tied up in shares and stock options where the value is determined by strategies and results that he helps to drive, and market sentiment that cannot be predicted. His wealth is linked with the market and SpaceX that fluctuate over time.  As it did late in June when SpaceX was 30% down from its highest trade value.

Would you be prepared to do that? Exchange your guaranteed cash salary for some certificates where the value is driven by your strategies, successes and the subjective views of others. If so, would you be prepared to pay a supertax on that? Once off? Annually? Will you be refunded if the value reduces? More questions than answers.

Back home the Minister in the Presidency landed herself in hot water when she said that government does not create jobs and that the state’s primary role is to create an environment where economic growth can take place. Not a popular opinion in South Africa it seems.

Maybe the people that are upset with her do not understand how things work in reality. Government cannot directly create jobs. Employment cannot be created without rendering a service or supplying goods that other people are willing to pay for. Especially if they pay by way of tax.

Whether she knows it or not she was just repeating the words of Argentine President, Javier Milei. The difference is that he practices what he preaches. Since he came to power at the end of 2023 thousands of public sector jobs have been made redundant. State-owned enterprises have been privatized to reduce political interference and bureaucracy and create a business-friendly environment. Inflation dropped from 211% to 31.5% and is maintaining a downward trend. Poverty reduced from 53% in 2024 to 32% in 2025. A 40% reduction in poverty in 12 months…

By implementing his policies, he has improved the standard of living of most Argentinians in the space of less than 3 years. Still a lot wrong but heading in the right direction it seems. What has the ANC done in 32 years? If the Minister in the Presidency knows what needs to be done, so does the ANC. But considering the public backlash to the Minister’s statements they are probably more concerned about the election.  Like Luxembourg Prime Minister Jean Claude Juncker once said,  “We all know what to do, but we don’t know how to get re-elected once we have done it.

Hopefully the 30 June marches will go peacefully. Time will tell but here’s hoping. Until next momth, keep breathing!