Tesla and SpaceX CEO Elon Musk has now focused on the wealth generated by members of Congress, asserting there's a mystery as to how some lawmakers have ended up multi-millionaires while receiving relatively modest paychecks, as per a report. Musk, who leads the Department of Government Efficiency, says his team is trying to figure out how politicians have accumulated large sums with incomes that don't quite add up.
The mystery of politicians' wealth has been a social media and business television hot topic. Musk's comments reflect increasing public concern over the financial transactions of elected representatives, with many asking how some members of Congress appear to outperform the stock market and reap enormous financial rewards, according to the report.
Josephs suggested, “If I were Elon and recommend where to look for the suspicious stuff going on here, I would go right to the spouses and especially the children as well,” quoted Benzinga.
However, he did not provide any evidence to support these claims, and none of the Congress members have been formally accused of wrongdoing, as per the report.
Musk is questioning how some lawmakers accumulate large fortunes while earning modest public salaries.
What loopholes exist in monitoring lawmakers' finances?
Chris Josephs pointed out that the financial transactions of lawmakers’ spouses and children are not closely monitored.
Elon Musk's Concerns
During a recent town hall in Wisconsin, Musk questioned how Congress members were accumulating millions of dollars while earning salaries of around $200,000 a year, reported Benzinga. The billionaire said that DOGE will “Try to figure it out, and certainly stop it from happening," quoted Benzinga.The mystery of politicians' wealth has been a social media and business television hot topic. Musk's comments reflect increasing public concern over the financial transactions of elected representatives, with many asking how some members of Congress appear to outperform the stock market and reap enormous financial rewards, according to the report.
The Hidden Financial Loopholes
Chris Josephs, co-founder of the stock-monitoring app Autopilot, has pointed out loopholes in monitoring lawmakers' trades, as per Benzinga. Politicians are required to report stock trades, but Josephs identified a blind spot: spouses' and children's financial transactions of lawmakers, according to the report.Josephs suggested, “If I were Elon and recommend where to look for the suspicious stuff going on here, I would go right to the spouses and especially the children as well,” quoted Benzinga.
Speculations on Misrouted Funds
There are also speculations that money might have been routed via the US Agency for International Development to “any of the radical left Democrats,” reported Benzinga. Musk claimed that, "They'll send the money overseas to one NGO, then they'll go through a bunch of them... and I'm highly confident that a bunch of that money then comes back to the United States and lands in the pockets of the people you just mentioned," as quoted in the report.However, he did not provide any evidence to support these claims, and none of the Congress members have been formally accused of wrongdoing, as per the report.
Congress Members Beating the Market
As per Unusual Whales' report for 2024, Congress members outperformed the S&P 500, Democrats averaged 31.1% returns, and Republicans 26.1%, compared to the S&P's 24.9%, reported Benzinga.FAQs
Why is Elon Musk concerned about Congress's wealth?Musk is questioning how some lawmakers accumulate large fortunes while earning modest public salaries.
What loopholes exist in monitoring lawmakers' finances?
Chris Josephs pointed out that the financial transactions of lawmakers’ spouses and children are not closely monitored.
