Bernie Sanders Criticizes Elon Musk Over $366 Million Political Spending

U.S. Senator Bernie Sanders publicly criticized Tesla Inc. (NASDAQ:TSLA) Chief Executive Officer Elon Musk over his political donations and wealth accumulation following President Donald Trump's re-election. Sanders stated that Musk spent $366 million to support Republican political candidates, including $276 million donated through a Super PAC since July and $90 million prior to that. Sanders noted that Musk's net worth increased by $696 billion since the election, pushing his wealth to trillionaire status. Musk responded by defending his fortune, stating his net worth is tied to companies creating valuable products and criticizing Sanders in return.

The political scrutiny comes alongside shifting federal policies for Musk's companies. Space Exploration Technologies Corp. (NASDAQ:SPCX) has recently secured major government backing, including a $1.6 billion U.S. Space Force contract in July and a $946 million contract with NASA extending through 2030 in September. Meanwhile, Tesla faces a shifting market landscape as federal rollbacks on electric vehicle incentives present headwinds, balanced by potential Department of Transportation rule changes that could ease red tape for autonomous driving and robotaxis. Shares of Tesla Inc. traded down 1.22% at $378, while Space Exploration Technologies Corp. rose 0.52% to $163.40.