Elon Musk Questions Congressional Wealth: A Closer Look at Lawmakers’ Financial Gains

Elon Musk, the billionaire entrepreneur behind Tesla, SpaceX, and Starlink, has turned his attention to a curious and growing issue: how some members of the U.S. Congress have accumulated significant wealth despite their relatively modest government salaries. Speaking recently, Musk revealed that his team at the Department of Government Efficiency (DOGE) is investigating the financial rise of certain lawmakers, suggesting there may be complex, hidden channels behind their prosperity.

During an event covered by the New York Post, Musk responded to an audience member’s question about whether his investigation had uncovered any links between funds from the U.S. Agency for International Development (USAID) and prominent members of Congress, including Rep. Maxine Waters (D-Calif.), Sen. Adam Schiff (D-Calif.), and Senate Minority Leader Chuck Schumer (D-N.Y.).

Musk explained the issue as one of “massive corruption” but stressed it was not straightforward. He described a tangled flow of taxpayer money routed through various government bodies and then sent to non-governmental organizations (NGOs). Although NGOs are labeled “non-governmental,” many receive substantial government funding, effectively creating a loophole where money moves out of direct government control.

“There’s a giant fraud loophole where government funds are sent to NGOs that operate outside U.S. laws,” Musk said. “These funds often make a circuitous journey overseas through several NGOs, and eventually, some of this money finds its way back into the pockets of certain individuals, including members of Congress.”

Musk emphasized that while the path of the funds isn’t direct, he is focused on connecting the dots to understand how some lawmakers become exceptionally wealthy during their time in office.

This scrutiny comes amid longstanding concerns about members of Congress amassing millionaire-level fortunes over their careers. The richest among them include former House Speaker Nancy Pelosi (D-Calif.), estimated to have a net worth around $250 million, and Senator Rick Scott (R-Fla.), whose fortune is reported to be over $550 million.

Much of Pelosi’s wealth is attributed to smart investments she and her husband, venture capitalist Paul Pelosi, have made in major tech companies such as Apple, Microsoft, Amazon, Google, and Netflix. However, her trading activities have drawn criticism and investigations due to the unusually high returns she has realized, raising questions about potential conflicts of interest.

In response to growing public concern over insider advantages, Missouri GOP Senator Josh Hawley has announced plans to reintroduce legislation aimed at banning members of Congress from trading stocks. Hawley’s proposed bill comes amid allegations that some lawmakers used non-public information obtained during official briefings — especially related to healthcare, vaccines, and COVID-19 supplies — to make profitable trades.

“These members of Congress were investigated because their trades looked like insider trading,” Hawley said. “Technically, it wasn’t insider trading, but they acted on privileged information they received before the public did.” He added that former President Donald Trump supports the bill, which Hawley believes has a strong chance of passing.

When Hawley first proposed the legislation, many doubted it would gain traction. But after bipartisan support in committee, with backing from Democrats and Republicans alike, the bill now appears more viable. Hawley notes the widespread public understanding that there is no justifiable reason for lawmakers to engage in stock trading while serving in office.

Supporting this view, a 2023 survey by the Program for Public Consultation found overwhelming public support for restrictions on stock trading by government officials. The survey revealed that 86% of respondents agreed members of Congress and their immediate family members should be banned from trading stocks in companies related to their work. This consensus cut across party lines, with 87% of Republicans and Democrats and 81% of Independents in agreement.

The survey also showed 87% of Americans favored similar restrictions for the president, vice president, and Supreme Court justices.

Despite these concerns and public opinion, stock trading remains common among members of Congress. Financial disclosure forms from 2023 and 2024 indicate that 61% of incoming members owned stock. The Campaign Legal Center noted that 42 of the 71 new lawmakers held investments in both individual equities and widely held mutual funds.

The persistence of stock trading by elected officials keeps the spotlight on potential conflicts of interest and the need for reforms to ensure transparency and fairness in government. Elon Musk’s focus on tracing suspicious financial flows highlights growing public frustration with perceived corruption and the desire for greater accountability in Washington.

As Musk’s DOGE team continues its investigation, questions about congressional wealth and how it is amassed will remain at the forefront of debates on government ethics and reform.