Sen. Bernie Sanders intensified his criticism of billionaire influence in American politics this week, singling out Elon Musk as a central example of what he describes as an emerging oligarchy. Speaking in Los Angeles as part of a campaign for a California wealth tax, Sanders argued that Musk’s political spending, growing fortune, and corporate tax practices illustrate the widening divide between the ultra-wealthy and working Americans struggling to afford basic necessities.
— American Gazzete (@AmericanGazzete) February 21, 2026
“Mr. Musk, the wealthiest man on Earth, spent at least $290 million to elect Donald Trump, but it’s not just Mr. Musk. The hundred richest people in our country, Republicans and Democrats, spent $2.6 billion on the 2024 election” Sanders said during his speech. He added that the issue extends beyond campaign contributions, framing it as a broader moral and economic imbalance. “The very rich are becoming phenomenally richer, when the very rich have been given a massive tax break by Donald Trump, when millions of people in this state are struggling to be able to afford health care.”
Sanders has repeatedly pointed to Musk’s political spending in the 2024 election cycle as emblematic of concentrated wealth translating into political power. In a previous statement, Sanders wrote, “This is what oligarchy looks like: Elon Musk, the wealthiest man alive, spent $290 million to elect Trump. Since Election Day, Musk became $548 billion richer while his companies (SpaceX & Tesla) paid $0 in federal income taxes last year after making $13.7 billion in profits.”
This is what oligarchy looks like:
— Sen. Bernie Sanders (@SenSanders) February 3, 2026
Elon Musk, the wealthiest man alive, spent $290 million to elect Trump.
Since Election Day, Musk became $548 billion richer while his companies (SpaceX & Tesla) paid $0 in federal income taxes last year after making $13.7 billion in profits.
According to Forbes’ real-time billionaires list, Musk’s net worth currently stands at approximately $845.3 billion, making him the world’s richest individual by a significant margin. His wealth is primarily derived from major stakes in Tesla, SpaceX, xAI, and X, the social media platform he acquired in 2022. Market gains tied to electric vehicles, artificial intelligence, and space technology have driven sharp increases in the valuations of his companies since the 2024 election, contributing to the dramatic rise in his personal fortune.
Sanders has also criticized the federal tax outcomes of Musk’s companies. Tesla and SpaceX reportedly paid no federal income taxes in the most recent year cited, despite generating a combined $13.7 billion in profits. Tesla has benefited from research and development credits and clean energy incentives that reduced its effective tax rate, while SpaceX, as a private firm, has structured its finances in ways that offset taxable income.
When we talk about authoritarianism, it’s not just Donald Trump.
— Sen. Bernie Sanders (@SenSanders) February 3, 2026
Musk owns X
Bezos owns Twitch
Zuckerberg owns Instagram and Facebook
Larry Ellison controls TikTok
Billionaires increasingly control what we see, hear and read.
The Vermont senator has placed Musk within a broader critique of billionaire control over economic and informational systems. Sanders argued that discussions about authoritarianism in the United States should not focus solely on elected officials. “When we talk about authoritarianism, it’s not just Donald Trump,” he said in an earlier post. He noted Musk’s ownership of X alongside other billionaires’ control of major platforms, including Jeff Bezos’ ownership of Twitch, Mark Zuckerberg’ oversight of Facebook and Instagram through Meta Platforms, and Larry Ellison’s influence over TikTok’s U.S. operations following a restructuring involving Oracle. “Billionaires increasingly control what we see, hear and read,” Sanders said.
While U.S. billionaires became $1.5 trillion richer last year, the average worker in America has just $955 in retirement savings & 21% of seniors are trying to survive on less than $15,000 a year.
— Bernie Sanders (@BernieSanders) February 15, 2026
That’s why I’ll be in LA this week fighting for a wealth tax on billionaires.
In recent days, Sanders has linked Musk’s wealth gains to broader national trends. “While U.S. billionaires became $1.5 trillion richer last year, the average worker in America has just $955 in retirement savings & 21% of seniors are trying to survive on less than $15,000 a year,” Sanders wrote in another post, underscoring the economic pressures facing ordinary Americans. He has warned that concentrated wealth is being reinvested into artificial intelligence and robotics technologies that could displace workers and further widen inequality.
Throughout his speech, Sanders framed the issue as both economic and democratic. He argued that when a single individual can spend hundreds of millions of dollars on an election and see their wealth increase by hundreds of billions of dollars in the months that follow, it raises fundamental questions about political equality and the distribution of power in American society. As California voters weigh the wealth tax proposal, Sanders has positioned Musk’s financial trajectory as a symbol of the broader debate over whether the country’s tax system and political structure adequately serve working families or primarily benefit those at the very top.
