Sen. Bernie Sanders (I-VT) accused Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk of amassing significant wealth since President Donald Trump took office, alleging that the trillionaire wanted the GOP to retain control of Congress.

‘Stop Oligarchy,’ Says Bernie Sanders

“Elon Musk spent $290 million to elect Trump. It paid off,” Sanders said in a post on X on Monday following a report released by The New York Times on the same day that said Musk reportedly donated $276 million to the Republicans via his Super PAC (Political Action Committee) since July.

“Since his [Trump] election, Musk got $696 billion richer & became the world’s 1st trillionaire,” Sanders said. The Vermont Independent then said that the wealth was not “enough,” adding that the Space Exploration Technologies Corp. (NASDAQ:SPCX) CEO was “spending $366 million to keep Republicans in control of Congress.”

“STOP MUSK. STOP OLIGARCHY,” the Senator said. Notably, the New York Times report mentions that since Trump was re-elected for his second term at the White House, Musk had donated $366 million in total, with $90 million spent prior to July 2026’s $276 million figure.

Elon Musk spent $290 million to elect Trump. It paid off.

Since his election, Musk got $696 billion richer & became the world’s 1st trillionaire.

But that’s not enough.

Now, Musk is spending $366 million to keep Republicans in control of Congress.

STOP MUSK. STOP OLIGARCHY.

— Bernie Sanders (@BernieSanders) October 12, 2026

SpaceX, Tesla Under Trump

Notably, SpaceX has secured billions of dollars in contracts since Trump took office, with the company securing a $1.6 billion contract with the U.S. Space Force in July, as well as a $946 million contract with NASA through 2030 in September this year.

While SpaceX has continued securing contracts, the Trump administration’s rollback of federal EV incentives has created a headwind for the broader U.S. EV market, including Tesla.

However, the Department of Transportation’s (DOT) moves to cut red tape for self-driving technology in the U.S. could help boost Musk’s Robotaxi and autonomous driving ambitions.

Elon Musk Defends Against Trillionaire Criticism

Following SpaceX’s recent rally, Musk reached trillionaire status again. Sanders had criticized the milestone, which Musk defended against earlier this month, saying that his fortune was tied to SpaceX and Tesla and that the companies were valuable because they were building products that were beneficial for people.

“The takers of the world who have never built anything, like Bernie, do as they always do and take from the makers,” Musk said, criticizing Sanders.

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