Billionaire investor Bill Ackman has thrown his weight behind Elon Musk after a successful SpaceX IPO made him the world’s first trillionaire. Ackman responded to Senator Bernie Sanders’ note on Musk’s historic wealth accumulation, saying that it is time to celebrate as the Tesla CEO has unlocked massive value for the entire planet.The public clash began after Sanders took to social media to call Musk’s trillionaire status a “call to action” rather than a milestone to celebrate. Musk’s net worth recently crossed the $1.1 trillion mark following a massive surge in SpaceX stock during its public market debut. Sanders argued that the extreme concentration of wealth threatens the foundation of the country.
What Bernie Sanders posted
Elon Musk’s rise to trillionaire status is not a time to celebrate. It’s a call to action to take on the unprecedented income and wealth inequality that now exists and the greed and power of a ruling class that is destroying the social fabric of America.Our democracy cannot survive when one man, who contributed $290 million to get Trump elected, becomes $700 billion richer since Trump’s election.Our economy cannot sustain itself when one man owns more wealth than the bottom half of our society, when 60% of our people live paycheck to paycheck, when we have the highest rate of childhood poverty of any major nation and when our kids will have a lower standard of living than their parents.This is not just about wealth. It’s about power. Musk and his fellow Oligarchs want it ALL.Together, we must fight back. We can and must create an economy and a government that works for all of us, not just Elon Musk and his fellow billionaires.
Ackman hits back at Sanders’ socialist philosophy
The critique did not sit well with Pershing Square Capital management founder Bill Ackman, who posted a lengthy and detailed rebuttal on X. Ackman outlined how Musk’s companies actively work to reduce global poverty rather than exploit it. He emphasised that Starlink’s satellite network is bringing low-cost, high-speed internet to hundreds of millions of people, which will ultimately allow children in the poorest communities to access global education, help families build businesses, and provide life-saving medical care.He pointed out that Musk does not possess a literal vault of money, but rather holds paper wealth tied directly to the valuation of his companies.Read Bill Ackman’s full post:@BernieSanders, it is a time to celebrate. @elonmusk has created enormous value for society by building @SpaceX, driving down the cost of rocket launches and creating a global satellite communication network that has brought high speed, low-cost internet and communication access to hundreds of millions and eventually billions of people along with critical advantages for our military and our nation’s defense. SpaceX and its technologies will cause an acceleration in the growth of wages and wealth creation globally, including in some of the poorest communities in the U.S. and around the world. Access to low-cost, high speed communications everywhere will allow children around the world to be educated, families to build businesses, and life-saving medical knowledge and care to be available everywhere. SpaceX will materially bring down the cost of compute, advancing AI and humanity. Meanwhile, 4,000 SpaceX employees yesterday became millionaires, including hourly wage employees who you claim you are trying to help. The Elon Musks of the world drive growth, global GDP, and provide access to goods and services at lower cost that would otherwise not exist. Elon’s nominal trillionaire status is due to his ownership of SpaceX, Tesla, Neuralink, the Boring Company and his other initiatives that have brought new technologies that improve our everyday lives. Elon is not sitting on a trillion dollar pile of cash, jewelry and gold. He is using his controlling stakes in his companies to advance mankind. Elon’s companies don’t pay dividends. They reinvest all of their capital to accelerate innovation and value creation. Elon is working 24/7 for all of us. He deserves respect and appreciation, not smears. Bernie, your socialism would never allow a SpaceX to be built. Socialism has only proven to impoverish mankind and lead to death and destruction. We need to create the conditions for more SpaceXs to be built, not attack the great entrepreneurs who are helping to advance our country.
