Musk Hits Back at Sanders, Says Wealth Is Tied Up in Stock

Elon Musk answered Bernie Sanders' remarks about his wealth by saying his holdings consist of SpaceX and Tesla stock, not a hoard of cash.

Sanders said Musk's fortune exceeds what the bottom half of American households own. That remark lines up with his democratic socialist push for higher taxes on the rich, an idea that is winning more support across the US as Zohran Mamdani and Abdul El-Sayed rise politically.

Sanders has used 2026 to campaign for higher taxes on the biggest AI companies, a move that would seed a public fund worth $7 trillion.

I have stock in SpaceX and Tesla, not some big pile of cash.

As my companies do more and more useful things, their value increases proportionate to their projected usefulness. All shareholders benefit along the way, including most retirement programs.

— Elon Musk (@elonmusk) September 5, 2026

Musk's case also rests on a second point: as SpaceX and Tesla deliver more, their stock prices climb, and all holders gain, including the pension and retirement funds that own shares.

How a Paper Fortune Moves Day to Day

The figures underlying this debate change constantly. Forbes now puts Musk's net worth at about $908 billion, a drop from around $1.1 trillion in June.

That June peak made him the world's first trillionaire for a short time. In July his fortune dipped below $700 billion, before Tesla and SpaceX shares rebounded through August.

Since its June listing at $135 a share, SpaceX has traded on the Nasdaq under the ticker SPCX. As a result, Musk's net worth is re-evaluated every session based on SpaceX revenue forecasts and Tesla delivery figures.

Still, neither man controls the number at the center of the fight. Traders reset it each session, long after the posts have stopped trending.