No, it’s because the government already spends Elon Musk’s entire net worth every single month. It’s also mostly not real money. Government spending pays for stuff that exists today. Someone on SNAP can’t eat the notional valuation of a company calculated based on anticipated profits decades into the future. Wealth taxes essentially attempt to tax profits from future production to pay for consumption today. All that will do is create inflation.

People have this fixation on wealth taxes because it's a bigger number. But it's very third world thinking--people who want to eat the seeds instead of saving them to plant next year. Just tax income enough to raise the tax revenue you need.