Tesla Inc. TSLA CEO Elon Musk said that the actual U.S. national debt is almost three times the size of the economy at $60 trillion, and “something has got to give.”
What Happened: Musk — the world’s richest person — made the comments on Twitter in response to an article by the Babylon Bee, a conservative Christian news satire website.
The satirical article said that President Joe Biden was planning to wipe out the U.S. national debt with a $30 trillion bet on the professional American football team Cincinnati Bengals.
True national debt, including unfunded entitlements, is at least $60 trillion – roughly three times the size of the entire US economy. Something has got to give.
— Elon Musk (@elonmusk) February 11, 2022
The Cincinnati Bengals have advanced to Super Bowl LVI — their first appearance in the NFL Championship game in 33 years — where they face the Los Angeles Rams.
Why It Matters: Last year, Musk had expressed his displeasure over a billionaire tax proposal being floated by the Biden administration.
Responding to a tweet by Washington Post reporter Christian Davenport, the billionaire said that taxing all billionaires at 100% would “only make a small dent” in the U.S. national debt and the rest of the amount must obviously come from the general public.
The billionaire tax proposal would impact the 700 richest U.S. taxpayers. Musk has a net worth of $234 billion, according to the Bloomberg Billionaires Index.
Musk had in January called Biden a “damp [sock] puppet” in human form — apparently miffed after the U.S. President failed to acknowledge the role Tesla has played in America's electrification efforts.
Price Action: Tesla shares closed almost 3% lower in Thursday’s regular trading session at $904.55 and further lost 0.4% in the after-hours session to $900.80.
Photo: Courtesy of Heisenberg Media via Wikimedia
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
