Elon Musk is taking aim at Capitol Hill. The billionaire CEO of Tesla TSLA and SpaceX says the Department of Government Efficiency he leads is now turning its focus to members of Congress who have built massive fortunes while drawing relatively modest public salaries.
“How’d they get $20 million if they’re earning $200,000 a year? Nobody can explain that,” Musk said during a recent town hall in Wisconsin. “We’re going to try to figure it out, and certainly stop it from happening.”
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Wealth Raises Eyebrows
The issue of lawmakers’ wealth has been gaining attention across social media and business shows alike. On a recent “Fox & Friends” segment, Chris Josephs, co-founder of the stock-tracking Autopilot app, explained how his platform monitors trades made by members of Congress.
While disclosures exist, Josephs pointed out the real blind spot: “There isn’t too much that you can really see on the actual stock trading side [for politicians]. However, there is not much that you can really see into the spouses and dependents.”
Josephs added, “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.”
One example that keeps coming up is former House Speaker Nancy Pelosi (D-CA), whose husband, Paul Pelosi, is a venture capitalist with a long history of investing in high-growth tech stocks.
Musk Doubles Down
Musk isn’t just talking about Pelosi. During the town hall, an audience member asked Musk whether DOGE had uncovered any signs of money being routed through the U.S. Agency for International Development to “any of the radical left Democrats.”
Musk responded: "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."
Musk has not provided any concrete evidence to support these claims, and none of the individuals named have been formally accused of wrongdoing. He didn’t say anything about Republican lawmakers.
While Musk has stopped short of directly accusing anyone of illegal behavior, he says the current system deserves scrutiny. His push for transparency echoes calls made by politicians from both parties, including the former President Joe Biden and Rep. Ro Khanna (D-CA), who have supported banning stock trading by members of Congress.
“Nobody in the Congress should be able to make money in the stock market while they’re in the Congress,” Biden said in a December interview with political advisor Faiz Shakir.
Still, reform has stalled. "It is shameful that over three years after the pandemic… there still hasn't been a vote," Khanna told Benzinga.
Lawmakers Beat the Market
According to a report from Unusual Whales for 2024, members of Congress didn't just beat the S&P 500 — they crushed it. Democrats averaged 31.1% returns, Republicans 26.1%, compared to the S&P's 24.9%.
Pelosi saw a 70.9% return last year, placing her in the top 10. Five lawmakers had gains exceeding 100%.
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