Tesla Inc. (NASDAQ:TSLA) and SpaceX (NASDAQ:SPCX) CEO Elon Musk’s massive wealth increase sparked renewed criticism, with some arguing that soaring billionaire fortunes highlight deep economic inequality in the U.S.
Sanders Says Wealth Surge Shows An ‘Insanely Rigged Economy’
On Tuesday, Bernie Sanders (I-Vt.) blasted an “insanely rigged economy” after several of the world’s richest technology executives added billions of dollars to their net worth in a single day.
In a post on X, Sanders contrasted the wealth gains of top billionaires with the financial struggles faced by many Americans dealing with rising costs for housing, food, healthcare and childcare.
The senator pointed to gains among tech leaders, including Musk, Alphabet Inc. co-founders Larry Page and Sergey Brin, Amazon.com, Inc. founder Jeff Bezos, Oracle Corp co-founder Larry Ellison, Dell Technologies founder Michael Dell and Meta Platforms, Inc. CEO Mark Zuckerberg, arguing that their combined fortunes have risen by more than $1.5 trillion since President Donald Trump’s election victory in November 2024.
“Yes. We are living in an oligarchy,” Sanders wrote, while also citing income inequality, childhood poverty and the financial challenges faced by many seniors.
Elizabeth Warren Revives Call For Wealth Tax
Sen. Elizabeth Warren (D-Mass.) echoed Sanders’ concerns and renewed her support for a wealth tax aimed at the ultra-rich.
“Our system is rigged so that one man becomes a trillionaire while millions of Americans can’t afford a trip to the doctor,” Warren wrote on X.
She argued that wealth continues to flow disproportionately toward the richest Americans while many households struggle financially, adding that a wealth tax would help “level the playing field.”
Ro Khanna Focuses On Healthcare Gap
Rep. Ro Khanna (D-Calif.) said the bigger issue is not that Musk has become a trillionaire, but that the U.S. has failed to provide healthcare coverage for all citizens despite generating unprecedented wealth.
“It is a values issue,” Khanna wrote, calling for “a New Deal for our time.”
California Billionaire Tax Odds Tumble
The reactions come amid a broader debate over taxing extreme wealth.
A proposed California ballot measure backed by the Service Employees International Union-United Healthcare Workers West would impose a one-time 5% tax on billionaires’ net worth to help fund healthcare programs.
However, prediction market Kalshi on Tuesday showed the odds of the measure reaching the ballot falling sharply following reports that Gov. Gavin Newsom (D-Mass.) is working to keep it off the November ballot.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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