Sen. Bernie Sanders is sounding the alarm over what he calls the growing signs of oligarchy in the United States, pointing to the wealth and political influence of Elon Musk. In a recent 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.”
Sanders’ message zeroes in on a familiar set of concerns in today’s economic debate: enormous personal fortunes, high-dollar political spending, and the way major corporations can legally reduce or eliminate their federal tax bills—especially as inequality remains a central issue in U.S. politics.
Musk’s involvement in the 2024 presidential race, including substantial financial backing for Donald Trump through direct contributions and related efforts, was followed by a period of significant growth in his estimated net worth. Forbes’ real-time billionaires list currently puts Musk’s fortune at $852.5 billion, placing him far ahead as the world’s richest individual. Much of that wealth is tied to his holdings in Tesla, SpaceX, xAI, and X, the social-media platform he acquired in 2022.
The sharp rise in Musk’s wealth since the 2024 election has been attributed to increasing valuations across his companies—driven by market optimism around electric vehicles, space technology, artificial intelligence, and expectations of a regulatory environment seen as more favorable under the new administration. Sanders’ figure of a $548 billion jump reflects broader reporting of dramatic gains over that period, though totals vary depending on stock movement, private-company valuation estimates, and real-time tracking methods.
Sanders also highlighted the tax outcomes for Musk’s major businesses. Tesla and SpaceX reportedly paid no federal income taxes in the most recent year referenced, despite generating significant profits—$13.7 billion combined, according to Sanders’ cited figures. Recent analyses have indicated Tesla reported $5.7 billion in U.S. income for 2025 while paying zero in current federal income taxes, a result attributed to credits, deductions, and other provisions that can reduce a company’s effective tax rate. Tesla has also benefited from incentives linked to research, development, and clean-energy initiatives. SpaceX, as a privately held company, has likewise been able to structure its finances in ways that can reduce taxable income, including offsetting gains with past losses and other accounting mechanisms.
Broadening the point beyond Musk, Sanders has argued this isn’t just about one billionaire—it’s about how concentrated wealth can shape politics, media, and public discourse. He has pointed to ownership and control across major platforms, noting that Musk controls X, Jeff Bezos owns Twitch, Mark Zuckerberg oversees Instagram and Facebook through Meta Platforms, and Larry Ellison holds significant influence over TikTok’s U.S. operations via a joint venture involving Oracle following a 2026 restructuring tied to national security concerns.
Sanders’ comments arrive as debates over wealth concentration, corporate taxation, and billionaire political power intensify—particularly as technology continues to transform the economy and daily life. For Sanders, the central question is whether democratic institutions can meaningfully check the influence of a small group of ultra-wealthy individuals whose resources can shape elections, policy priorities, and the information ecosystem itself.
