Texas Lawmaker James Talarico has joined the growing list of critics of Elon Musk’s new $1 trillion pay package, approved by Tesla investors last month. Talarico, along with Senator Bernie Sanders, is calling for the wealthy to be taxed, citing the vast disparities in wealth in the United States.
Inequality in the United States
Talarico took to social media to express his concerns, stating that poverty exists in the wealthiest country on earth not because we can’t feed the poor, but because we can’t satisfy the rich. He questioned whether one man, in this case, Elon Musk, is worth more than every elementary school teacher in the country. Talarico also highlighted the struggles of many Americans, including those who are bankrupted by medical bills and veterans who are homeless.
The Need for Taxation
Talarico emphasized the need for the government to impose taxes on the wealthiest section of society, suggesting that trillionaires should be taxed out of existence. This sentiment is echoed by Senator Bernie Sanders, who recently slammed Musk’s pay package, calling it “insanity” and urging taxation on the billionaire.
Criticism from Other Leaders
Sanders is not the only Democratic leader to criticize Musk’s pay package. Representative Teresa Leger Fernandez has also spoken out, saying that any school teacher has more work ethic in their pinky finger than Musk. The criticism is not limited to politicians, with investor Michael Burry also raising questions about Tesla’s market capitalization, calling the company “ridiculously overvalued.”
Market Performance
Despite the criticism, Tesla’s stock price remains strong, with the company scoring well on momentum and offering satisfactory quality and growth. However, its value is considered poor. The stock price jumped 0.11% to $455.00 at market close on Friday but declined 0.07% to $454.66 during the after-hours session.
What’s Next?
As the debate around wealth inequality and taxation continues, it will be interesting to see how the situation unfolds. Will the government take action to address the concerns of Talarico, Sanders, and others, or will the status quo remain? One thing is certain: the conversation around wealth and taxation is not going away anytime soon.