- Elon Musk said he wants to investigate how members of Congress have become “strangely wealthy.” Musk announced that DOGE will be investigating how members of Congress have become multi-millionaires even though they only make $174,000 per year.
- Musk specifically called out career politicians like Sens. Mitch McConnell and Chuck Schumer, who are worth $54 million and about $2.5 million, respectively.
- Over the years, lawmakers have introduced bills to ban members and their spouses from trading or even owning individual stocks.
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The world’s richest man says he wants to figure out how members of Congress have become what he described as “strangely wealthy.” Elon Musk has announced that DOGE will be investigating how members of Congress have become multi-millionaires even though they only make $174,000 per year.
“I’m trying to connect the dots of, how did they become rich,” Musk wondered. “How’d they get $20 million if they’re earning $200,000 a year? Nobody can explain that.”
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What has Musk said?
Musk made the comment during a town hall when he was asked whether the DOGE team had found evidence that politicians received international aid funds the U.S. government dispersed to non-governmental organizations. Musk said he’s confident there’s corruption, but could only offer a theory as to whether lawmakers profited off government funds, and didn’t offer any proof.
“So they’ll send the money overseas to one NGO, then they’ll go through a bunch of them, and I’m highly confident that a bunch of that money then comes back to the United States and lands in the pockets of the people you just mentioned,” Musk stated. “But it is a circuitous route. It’s not like it doesn’t go directly.”
How are members of Congress making money?
Musk specifically called out career politicians like Sens. Mitch McConnell, R-Ky., and Chuck Schumer, D-N.Y., who are worth $54 million and about $2.5 million respectively.
McConnell’s wealth comes from his wife and his family. In 2008, he was gifted an undisclosed amount from his father, and he and his wife were given between $5 million and $25 million from her family. McConnell is married to Elaine Chao, whose family owns a successful shipping company.
There are false internet rumors that Chuck Schumer is worth up to $80 million. His Senate financial disclosure forms indicate the family’s net worth is at most a few million, and a majority of it is in the form of long-term investments, like mutual funds, owned by his wife.
Other members of Congress who are very rich made their money before they were elected.
For instance, the richest man in Congress is Sen. Rick Scott, R-Fla., who has an estimated net worth of $549 million. He made his money in the late ’90s when he helped found what ultimately became the world’s largest for-profit hospital chain. He didn’t become Florida’s governor until 2011.
Sen. Mark Warner, D-Va., is estimated to have $249 million, made through his venture capital firm, which was an early investor in XM satellite radio and Nextel Communications Inc.
The big recurring debate on Capitol Hill is whether or not members should be able to trade stocks. Over the years, lawmakers have introduced bills to ban members and their spouses from trading or even owning individual stocks. Despite multiple attempts, they’ve never been able to get it approved.
