Marketdash

Elon Musk Defends His Wealth, Calls Bernie Sanders a 'Taker' in Latest Spat

MarketDash Editorial Team
6 hours ago
Elon Musk fired back at Bernie Sanders' criticism of billionaire wealth, arguing his fortune is tied to Tesla and SpaceX shares that only grow when the companies produce useful products and services.

When you're the richest person on Earth, criticism comes with the territory. But Tesla Inc. (TSLA) and SpaceX CEO Elon Musk isn't particularly interested in taking it quietly, especially when it comes from Sen. Bernie Sanders.

Makers Versus Takers

On Tuesday, Musk took to X to respond to ongoing criticism from Sanders about billionaire wealth. His defense? Most of his assets are shares in Tesla and SpaceX, which only gain value based on "how much useful product those companies produce and service," as Musk put it.

The logic goes like this: Musk's wealth only increases if his companies actually produce more goods and services that people want. And when share values rise, it benefits all shareholders, including company employees who hold equity. It's a productivity argument wrapped in a wealth defense.

Then came the jab. Musk said this wealth creation model works because he's a "maker" and not a "taker like the Bernie Sanders type politicians of the world." He doubled down, adding that politicians like Sanders are "on the take, because they cannot or will not make."

Sanders' Ongoing Critique

To be fair to Sanders, the Vermont senator has been remarkably consistent in his criticism of extreme wealth concentration. He's repeatedly called for federal taxation on the wealthiest Americans and hasn't been shy about naming names, with Musk frequently appearing in his crosshairs.

Sanders has also emerged as a vocal skeptic of the tech industry's push into AI and robotics. Recently, he took issue with comments from both Musk and Microsoft Corp. (MSFT) co-founder Bill Gates about artificial intelligence potentially making human work redundant. Sanders posed a straightforward question: "How will people feed their families?" if they have "no income."

It's not an unreasonable concern, even if you disagree with Sanders' proposed solutions. The tension between technological progress and economic displacement is real, and someone has to ask uncomfortable questions about it.

Money Becomes Obsolete?

Meanwhile, Musk has been making even bolder claims about the future. He recently doubled down on his belief that money itself will become obsolete, responding to a social media question about President Donald Trump-branded accounts providing seed capital to children until they turn 18.

It's a fascinating position for someone whose net worth currently exceeds $733 billion. And that number could get significantly larger. Musk's newly approved Tesla CEO compensation package is worth over $1 trillion, contingent on the company hitting specific milestones. If Tesla achieves those goals, Musk could become the world's first trillionaire.

So we have a billionaire arguing that money won't matter in the future while potentially becoming a trillionaire. That's either visionary thinking or the kind of irony that writes itself, depending on your perspective.

Price Action: According to market data, TSLA slipped 0.08% to $454.05 during after-hours trading.

Elon Musk Defends His Wealth, Calls Bernie Sanders a 'Taker' in Latest Spat

MarketDash Editorial Team
6 hours ago
Elon Musk fired back at Bernie Sanders' criticism of billionaire wealth, arguing his fortune is tied to Tesla and SpaceX shares that only grow when the companies produce useful products and services.

When you're the richest person on Earth, criticism comes with the territory. But Tesla Inc. (TSLA) and SpaceX CEO Elon Musk isn't particularly interested in taking it quietly, especially when it comes from Sen. Bernie Sanders.

Makers Versus Takers

On Tuesday, Musk took to X to respond to ongoing criticism from Sanders about billionaire wealth. His defense? Most of his assets are shares in Tesla and SpaceX, which only gain value based on "how much useful product those companies produce and service," as Musk put it.

The logic goes like this: Musk's wealth only increases if his companies actually produce more goods and services that people want. And when share values rise, it benefits all shareholders, including company employees who hold equity. It's a productivity argument wrapped in a wealth defense.

Then came the jab. Musk said this wealth creation model works because he's a "maker" and not a "taker like the Bernie Sanders type politicians of the world." He doubled down, adding that politicians like Sanders are "on the take, because they cannot or will not make."

Sanders' Ongoing Critique

To be fair to Sanders, the Vermont senator has been remarkably consistent in his criticism of extreme wealth concentration. He's repeatedly called for federal taxation on the wealthiest Americans and hasn't been shy about naming names, with Musk frequently appearing in his crosshairs.

Sanders has also emerged as a vocal skeptic of the tech industry's push into AI and robotics. Recently, he took issue with comments from both Musk and Microsoft Corp. (MSFT) co-founder Bill Gates about artificial intelligence potentially making human work redundant. Sanders posed a straightforward question: "How will people feed their families?" if they have "no income."

It's not an unreasonable concern, even if you disagree with Sanders' proposed solutions. The tension between technological progress and economic displacement is real, and someone has to ask uncomfortable questions about it.

Money Becomes Obsolete?

Meanwhile, Musk has been making even bolder claims about the future. He recently doubled down on his belief that money itself will become obsolete, responding to a social media question about President Donald Trump-branded accounts providing seed capital to children until they turn 18.

It's a fascinating position for someone whose net worth currently exceeds $733 billion. And that number could get significantly larger. Musk's newly approved Tesla CEO compensation package is worth over $1 trillion, contingent on the company hitting specific milestones. If Tesla achieves those goals, Musk could become the world's first trillionaire.

So we have a billionaire arguing that money won't matter in the future while potentially becoming a trillionaire. That's either visionary thinking or the kind of irony that writes itself, depending on your perspective.

Price Action: According to market data, TSLA slipped 0.08% to $454.05 during after-hours trading.