Senator Bernie Sanders delivered a fiery address in Los Angeles on Thursday, calling on lawmakers and the public to confront what he described as an unprecedented concentration of wealth and power among America’s billionaires. Speaking at an event organized by unions including the SCIU and United Healthcare, Sanders highlighted the growing economic and moral divide in the country, framing it as a crisis that demands immediate action.
Net worth of the billionaires opposing California's wealth tax:
— Bernie Sanders (@BernieSanders) February 20, 2026
Elon Musk: $844 billion
Larry Page: $262 billion
Sergey Brin: $243 billion
Mark Zuckerberg: $228 billion
Larry Ellison: $209 billion
Yes. We must tax billionaires. And it starts in California. pic.twitter.com/3VtY8QXQJM
Sanders opened by emphasizing the everyday struggles of millions of Americans, noting that over 60% of people live paycheck to paycheck while facing high costs for housing, health care, and child care. He contrasted this with the soaring fortunes of the ultra-wealthy, stating that “never before in American history have we seen the outrageous level of income and wealth inequality we see today,” and arguing that billionaires are addicted to accumulating wealth and power at the expense of ordinary families.
The senator singled out specific examples of extreme wealth concentration, citing Elon Musk, who he said is now worth $850 billion, as owning more than the bottom 53% of American households combined. He also noted that CEOs of large corporations earn roughly 350 times more than the average worker, and that in the last year alone, the 938 billionaires in the United States became $1.5 trillion richer, a figure Sanders said reflects a broader six-year trend in which billionaires more than doubled their wealth. Over the past 50 years, he added, there has been a $79 trillion transfer of wealth from the bottom 90% to the top 1%.
Sanders also warned that wealth inequality is reinforced by concentration of corporate ownership and media control. He cited four Wall Street firms—BlackRock, Vanguard, Fidelity, and State Street—as major shareholders in 95% of U.S. corporations. He highlighted billionaire control over media platforms, noting Elon Musk’s ownership of Twitter, Jeff Bezos’ control of The Washington Post and Twitch, Mark Zuckerberg’s ownership of Facebook, Instagram, WhatsApp, Messenger, and Threads, Larry Ellison’s acquisition of CBS, and Rupert Murdoch’s Fox News, Wall Street Journal, and New York Post holdings. Sanders argued that such concentration shapes public perception and limits discussion of corporate greed and inequality.
In addition to economic power, Sanders criticized the political influence of billionaires. Citing the Citizens United Supreme Court decision, he described a system where the richest Americans can spend unlimited sums on political campaigns. He said Elon Musk spent at least $290 million to support Donald Trump in the last presidential election, and that the hundred richest Americans spent $2.6 billion on the 2024 election. Sanders also warned that billionaires in the tech sector are preparing to invest heavily in campaigns to protect industries like AI and robotics, which could displace millions of workers.
Sanders called for a new approach to taxation, targeting the wealthiest Americans to ensure they pay a fair share. He highlighted California billionaires opposing the state’s proposed wealth tax, including Elon Musk ($844 billion), Larry Page ($262 billion), Sergey Brin ($243 billion), Mark Zuckerberg ($228 billion), and Larry Ellison ($209 billion). He criticized their spending habits and tax strategies, pointing to Zuckerberg’s yachts and multiple homes, Ellison’s private jets, and other extravagant purchases as examples of the disconnect between extreme wealth and the needs of working Americans.
The senator framed the fight over taxation as both an economic and moral imperative, linking it to broader social justice concerns. He praised Minnesota activists who opposed federal ICE operations, drawing a parallel to California, where he said residents now have the opportunity to challenge billionaires’ influence and demonstrate that democratic power remains with the people. Sanders concluded his speech with a call to action, urging union members and the public to organize and push for reforms to ensure that the country belongs to all Americans, not just a wealthy elite.
Sanders summarized the stakes, posting a list of billionaire net worths and declaring: “We must tax billionaires. And it starts in California.”
