Musk questions explosive wealth of members of Congress
Elon Musk, head of the Department of Government Efficiency (DOGE), indicated he will be turning his crew's attention to members of Congress who have amassed fortunes despite having base salaries under $200,000.
The tech mogul and philanthropist made the comments during a rally in Wisconsin for state Supreme Court candidate Judge Brad Schimel.
"A lot of strangely wealthy members of Congress - where I just can't - I'm trying to connect the dots of how did they become rich," he told those in attendance.
"How'd they get $20 million if they're earning $200,000 a year? Nobody can explain that," added Musk. "We're gonna try to figure it out and certainly stop it from happening."
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If you thought members of Congress were losing their minds before over DOGE's efforts to investigate fraud, you ain't seen nothin' yet.
Members of Congress may currently purchase and trade stocks and cryptocurrency, provided they report all transactions. The base salary for Senators and Representatives is $174,000 per year. Some exceptions include the Speaker of the House ($223,500), the President pro tempore of the Senate, and the majority and minority leaders in the House and Senate ($193,400).
Yet some members of Congress have net worths that put them in elite standing—well over $100-$200 million.
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A good bulk of the controversy comes from what some critics feel amounts to insider trading. Sen. Josh Hawley (R-MO) went so far as to introduce legislation in 2023 that would ban lawmakers in Congress from making stock purchases or trades.
He called it the "Preventing Elected Leaders from Owning Securities and Investments" – or PELOSI – Act.
Pelosi and her husband, Paul Pelosi, have nearly $250 million combined net worth. Director of National Intelligence Tulsi Gabbard has previously, as a Democrat at the time, called out the Pelosis trading acumen as evidence that the system is "rigged."
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The Musk crew should start with what was the net worth of the individual before being elected. The next step would be what was their portfolio before being elected compared to after being elected. I was the former general counsel to a regional investment banking firm. In my experience, the gain in net worth of the Pelosi family is rare. I would not ban investments by politicians, but I would subject them to the same scrutiny as other traders who substantially outperform the averages.
See also:
Elon Weighs in on Wild Video of Protesters Screaming at Ohio Tesla Owner
And:
Elon Musk
'Who is funding and organizing all these paid protests?' Musk asked on X
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