August 8, 2020

Business After Elon Musk criticized Bernie Sanders’ brand of socialism, Sanders took him to task for taking billions of dollars in government support (TSLA, AMZN, FB, WMT)


  • Bernie Sanders and Elon Musk got into a minute tussle on Twitter Friday over “socialism.”
  • Sanders on Thursday presented a invoice that would converse a 60% tax on the wealth won all the scheme by the coronavirus crisis by billionaires together with Musk and use the money raised to pay all American’s out-of-pocket healthcare prices for a year.
  • According to an editorial relating to the invoice, Musk tweeted out a meme that really criticized Sanders for spending other folk’s money to fund “free govt applications.”
  • Sanders hit support at Musk, calling him out for criticizing applications that support the excellent majority of Americans when he and his companies had benefited from billions of bucks in govt help.
  • Lope to Enterprise Insider’s homepage for added reports.

Bernie Sanders confirmed Friday he is no longer tremulous to name out hypocrisy — seriously when it comes from someone devour Tesla CEO Elon Musk.

Musk on Friday tweeted out a meme serious of Sanders and his sign of socialism. The tweet was per an editorial about a invoice Sanders presented Thursday that would converse a 60% tax on the wealth won by billionaires equivalent to Musk all the scheme by the coronavirus pandemic. The meme, dubbed the “Official Bernie Sanders drinking sport!” confirmed a image of Sanders along with the textual disclose material: “Every time the Bernster mentions a free govt program, chug someone else’s beer.”

—Elon Musk (@elonmusk) August 7, 2020

Sanders, who’s no neophyte in the case of defending his leftist views and applications, wasn’t about to assist down from such criticism. In a tweeted response, he called out Musk for benefiting to the tune of billions of bucks from govt subsidies and linked to an editorial from The Los Angeles Occasions that detailed the help Musk and his companies grasp got.

“Every time Elon Musk pokes fun at govt help for the 99%, undergo in tips that he would be worth nothing with out $4.9 billion in company welfare,” Sanders wrote. “Oh, Elon real l-o-v-e-s company socialism for himself, rugged capitalism for all americans else.”

—Bernie Sanders (@BernieSanders) August 7, 2020

Per The Los Angeles Occasions article, Musk and his companies — Tesla, SolarCity, which is now owned by Tesla, and SpaceX — had got an estimated $4.9 billion in govt enhance by Would possibly well well 2015. That help got right here in a diversity of styles, together with grants, tax breaks, subsidies for constructing, environmental credit rating, and discounted loans.

The amount of that help has easiest gone up since then. Shall we embrace, Tesla garnered $428 million from promoting regulatory credit rating in its most trendy quarter. The company receives these credit rating from California for promoting electric vehicles and sells them to other automakers who don’t promote sufficient to meet the converse’s requirements.

Business Sanders’ invoice would carry billions from billionaires

Sanders’ invoice was cosponsored by senators Ed Markey, D-Mass., and Kirsten Gillibrand, D-NY. The invoice would tax any wealth won by any of the 467 billionaires within the US between March 18 and January 1 of subsequent year and use the quantity raised from the tax to pay for the out-of-pocket health prices of every American for a year.

Business elon musk Elon Musk and his companies grasp got billions of bucks in govt help.

Take McNamee/Getty Photos

Millions of US residents grasp misplaced their health coverage all the scheme by the pandemic after losing their jobs. Even these with insurance grasp generally faced steep bills after contracting the coronavirus.

The co-sponsors estimated that these billionaires had viewed their wealth carry by $731.8 billion between March 18 and Aug. 5. Musk, per a fact sheet from them, had viewed his maintain wealth gallop from $24.6 billion to $70.5 billion. He would face a tax invoice of $27.5 billion below the measure

Significant of the wealth positive aspects cited by the invoice’s sponsors are a outcomes of soaring prices. In thunder to pay such tax bills, the billionaires would virtually surely grasp to promote immense numbers of shares which can presumably well undermine their companies’ stock prices — and their wealth.

Bought a tip about Tesla, tech — or Bernie Sanders? Contact Troy Wolverton by arrangement of electronic mail at [email protected], message him on Twitter @troywolv, or ship him a stable message by Attach at 415.515.5594. It’s likely you’ll presumably well additionally additionally contact Enterprise Insider securely by arrangement of SecureDrop.

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