Elon Musk explains where his wealth is held
Sanders also pointed to wider economic figures, saying that 60% of Americans live paycheck to paycheck, nearly 800,000 people are homeless and 85 million are uninsured.
Musk pushed back on the way his wealth was described, saying that he does not hold his fortune as “some big pile of cash”. Instead, he said most of his wealth is tied to shares in his companies, including Tesla and SpaceX, whose values can rise as investors expect them to become more useful. Musk also said that other shareholders, including retirement programmes, benefit from this rise in value. “I have stock in SpaceX and Tesla, not some big pile of cash,” Musk wrote. In the post, Elon Musk said the rising value of his companies also benefits other shareholders. “As my companies do more and more useful things, their value increases proportionate to their projected usefulness,” he wrote. “All shareholders benefit along the way, including most retirement programs,” Musk added. “The fact that @elonmusk has lots of money doesn’t make it yours—or the government’s, or anyone else’s,” Lee wrote.
Elon Musk has responded to a post by US Senator Bernie Sanders claiming that the Tesla and SpaceX CEO owns more wealth than the bottom half of American households. Elon Musk joined the discussion after Sanders wrote on X that “One man (Mr. Musk) owns more wealth than the bottom half of American households. “We can do better. We must do better,” Sanders wrote. Musk responded by explaining that his wealth is largely linked to his ownership stakes in companies rather than cash sitting in a bank account. He added that the value of his holdings is connected to how investors view the future of his companies. The exchange came after Republican Senator Mike Lee also responded to Sanders’ post. Lee argued that Musk’s wealth belongs to him and that the government does not have an automatic claim over it. “It belongs to him. Get the latest technology news and updates. Download the TOI App.