Elon Musk lost $50bn from his net wealth last week due to Tesla's plunging share price. Reuters
Elon Musk lost $50bn from his net wealth last week due to Tesla's plunging share price. Reuters
Elon Musk lost $50bn from his net wealth last week due to Tesla's plunging share price. Reuters
Elon Musk lost $50bn from his net wealth last week due to Tesla's plunging share price. Reuters

Elon Musk takes aim at Bernie Sanders on Twitter


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Tesla chief executive Elon Musk became involved in a dispute with Bernie Sanders on Sunday after the US senator demanded the wealthy pay their "fair share" of taxes.

"We must demand that the extremely wealthy pay their fair share. Period," Mr Sanders, 80, wrote on Twitter.

Mr Musk responded by saying: "I keep forgetting that you're still alive."

The billionaire chief executive offloaded $6.9 billion worth of stock in the electric car company as of November 12, after asking his followers if he should in a Twitter poll.

About 57.9 per cent of people who voted said he should.

"Want me to sell more stock, Bernie? Just say the word," Mr Musk posted in a follow-up tweet.

He is a notoriously belligerent tweeter but his words were injected with extra venom just days after his net worth fell by $50bn.

Mr Sanders's demand comes amid Washington's efforts to raise taxes for the super-wealthy.

US Senate Democrats have unveiled a proposal to tax billionaires' stocks and other tradeable assets to help finance President Joe Biden's social spending agenda and close a loophole that has allowed them to defer capital gains taxes indefinitely.

Tributes from the UAE's personal finance community

• Sebastien Aguilar, who heads SimplyFI.org, a non-profit community where people learn to invest Bogleheads’ style

“It is thanks to Jack Bogle’s work that this community exists and thanks to his work that many investors now get the full benefits of long term, buy and hold stock market investing.

Compared to the industry, investing using the common sense approach of a Boglehead saves a lot in costs and guarantees higher returns than the average actively managed fund over the long term. 

From a personal perspective, learning how to invest using Bogle’s approach was a turning point in my life. I quickly realised there was no point chasing returns and paying expensive advisers or platforms. Once money is taken care off, you can work on what truly matters, such as family, relationships or other projects. I owe Jack Bogle for that.”

• Sam Instone, director of financial advisory firm AES International

"Thought to have saved investors over a trillion dollars, Jack Bogle’s ideas truly changed the way the world invests. Shaped by his own personal experiences, his philosophy and basic rules for investors challenged the status quo of a self-interested global industry and eventually prevailed.  Loathed by many big companies and commission-driven salespeople, he has transformed the way well-informed investors and professional advisers make decisions."

• Demos Kyprianou, a board member of SimplyFI.org

"Jack Bogle for me was a rebel, a revolutionary who changed the industry and gave the little guy like me, a chance. He was also a mentor who inspired me to take the leap and take control of my own finances."

• Steve Cronin, founder of DeadSimpleSaving.com

"Obsessed with reducing fees, Jack Bogle structured Vanguard to be owned by its clients – that way the priority would be fee minimisation for clients rather than profit maximisation for the company.

His real gift to us has been the ability to invest in the stock market (buy and hold for the long term) rather than be forced to speculate (try to make profits in the shorter term) or even worse have others speculate on our behalf.

Bogle has given countless investors the ability to get on with their life while growing their wealth in the background as fast as possible. The Financial Independence movement would barely exist without this."

• Zach Holz, who blogs about financial independence at The Happiest Teacher

"Jack Bogle was one of the greatest forces for wealth democratisation the world has ever seen.  He allowed people a way to be free from the parasitical "financial advisers" whose only real concern are the fat fees they get from selling you over-complicated "products" that have caused millions of people all around the world real harm.”

• Tuan Phan, a board member of SimplyFI.org

"In an industry that’s synonymous with greed, Jack Bogle was a lone wolf, swimming against the tide. When others were incentivised to enrich themselves, he stood by the ‘fiduciary’ standard – something that is badly needed in the financial industry of the UAE."

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Updated: November 15, 2021, 4:03 AM