Elon Musk responded on X that ‘parody is legal in America’. Photograph: Chesnot/Getty Images
Doctored campaign video featuring US vice-president reposted by Tesla chief executive watched 128m times
Kamala Harris’s election campaign has accused Elon Musk of spreading “manipulated lies” after the Tesla chief executive posted a doctored video featuring the vice-president on his X account.
Musk reposted a manipulated Harris campaign video on Friday evening in which a fake Harris voiceover says: “I was selected because I am the ultimate diversity hire,” and that anyone who criticises her is “both sexist and racist”.
Amy Klobuchar, a Democratic senator, accused Musk of violating the platform’s guidelines. According to X’s synthetic and manipulated media policy, users are barred from sharing “synthetic, manipulated, or out-of-context media that may deceive or confuse people and lead to harm” although allowances are made for satire provided it does not “cause significant confusion about the authenticity of the media”.
A spokesperson for Harris’s presidential campaign said: “The American people want the real freedom, opportunity and security Vice-President Harris is offering; not the fake, manipulated lies of Elon Musk and Donald Trump.”
Demonstrators demand higher taxes on the rich in Paris, France on June 23, 2024. (Photo: Laure Boyer/Hans Lucas/AFP via Getty Images)
“The richest 1% of humanity continues to fill their pockets while the rest are left to scrap for crumbs.”
The richest sliver of the global population hauled in more than $40 trillion in new wealth over the past decade as countries around the world cut taxes for those at the very top, supercharging inequality that poses a dire threat to democracy and the planet.
An Oxfam analysis released Thursday ahead of a meeting of G20 finance ministers estimated that over the past 10 years, the global 1% has accumulated $42 trillion in new wealth. That’s “nearly 34 times more than the entire bottom 50% of the world’s population,” the group observed.
“That is disgusting,” Michael Taylor, founder of the Australian Independent Media Network, wrote in response to the new figures.
The analysis comes amid a growing push by current and former world leaders for rich countries to enact a global tax on billionaire wealth that would begin to reverse the damage done by decades of regressive policy. Oxfam found in a separate analysis released earlier this year that economic and political elites’ global “war on fair taxation” has slashed taxes for the rich by 32% since 1980.
Oxfam said Thursday that global billionaires “have been paying a tax rate equivalent to less than 0.5% of their wealth.”
“Inequality has reached obscene levels, and until now governments have failed to protect people and planet from its catastrophic effects,” Max Lawson, Oxfam’s head of inequality policy, said in a statement Thursday. “The richest 1% of humanity continues to fill their pockets while the rest are left to scrap for crumbs.”
“Momentum to increase taxes on the super-rich is undeniable, and this week is the first real litmus test for G20 governments,” Lawson added. “Do they have the political will to strike a global standard that puts the needs of the many before the greed of an elite few?”
A recent report by renowned economist Gabriel Zucman of the University of California, Berkeley outlined how nations could go about implementing a 2% minimum tax on the wealth of global billionaires—a policy change that he shows would raise up to $250 billion in annual revenue that could be used to support a range of priorities, from climate investments to education and healthcare programs.
“Thanks to recent progress in international tax cooperation, a common taxation standard for billionaires has become technically possible,” said Zucman. “Implementing it is a question of political will.”
The economist’s report was commissioned by the government of Brazilian President Luiz Inácio Lula da Silva, who has championed a global billionaire tax in the face of resistance from powerful nations, including the United States—which has more billionaires than any other country. In 2018, U.S. billionaires paid a lower effective tax rate than working-class Americans.
But reporting indicates that the leaders of G20 nations—which are home to roughly 80% of the world’s billionaires—are likely to rebuff Lula’s push for billionaire wealth tax, opting instead to pursue what Bloombergdescribed as “research on taxation and inequality that could take years to deliver results.”
Reuters similarly reported Wednesday that G20 finance ministers meeting in Brazil “are preparing a joint statement for Thursday in support of progressive taxation that will stop short of endorsing the hosts’ proposal for a global ‘billionaire tax.'”
The global billionaire wealth surge comes in the context of growing misery for large swaths of the world’s population. A report released Wednesday by the United Nations’ Food and Agriculture Organization (FAO) estimated that one out of 11 people around the world—or up to 757 million people—”may have faced hunger” last year.
“The world’s poorest people are paying the highest price of hunger,” Eric Munoz, Oxfam’s food policy expert, said in response to the FAO report. “We need deeper, structural policy and social change to address all of the drivers of hunger, including economic injustice, climate change, and conflict.”
Elon Musk speaks at an event on November 29, 2023 in New York City. (Photo: Slaven Vlasic/Getty Images for The New York Times)
The Vermont senator said Musk has done “an exceptional job of demonstrating a point that we have made for years—and that is the fact we live in an oligarchic society.”
U.S. Sen. Bernie Sanders on Tuesday took the unusual step of applauding Elon Musk—but not for reasons that the Tesla CEO and world’s richest man would likely find flattering.
In the wake of reports indicating that Musk plans to inject $45 million per month into a new super PAC supporting former President Donald Trump’s bid for another four years in the White House, Sanders (I-Vt.) thanked Musk for doing “an exceptional job of demonstrating a point that we have made for years—and that is the fact we live in an oligarchic society in which billionaires dominate not only our economic life and the information we consume, but our politics as well.”
“And let me be clear. While the size of Musk’s financial contribution is particularly egregious, he is not alone in attempting to buy this election to further his own needs,” Sanders continued. “Other billionaires are also playing a significant role—in both political parties. Oh, I know… here goes Bernie Sanders again about Citizens United and the role of money in politics. I have no shortage of critics who accuse me of being boring and of hammering away at the same themes year after year after year.”
“They’re probably right. I am repetitious, but that’s because the problems we care about are only getting worse,” he added. “Let’s be clear. It has never made sense to me, then or now, that a tiny clique of people should have incredible wealth and power while most people have none.”
“While people like Elon Musk try to buy elections for Donald Trump, people who work for low wages, have no health insurance, can’t afford prescription drugs, and can’t find affordable housing are giving up on politics.”
Citing unnamed sources, The Wall Street Journal and Bloomberg reported earlier this week that Musk has pledged to donate $45 million per month to America PAC, whose founding donors include ultra-rich tech investors who are part of Musk’s social circle. The New York Timesseparately reported that “one leader of America PAC told a friend that the group expected to have a major donor who would make donations in four batches, adding up to as much as $160 million over the course of the campaign.”
The Journal and Bloomberg stories—which Musk denied with a meme that included the words “fake gnus”—followed reports that Musk had already given the super PAC a substantial sum of money despite his March declaration that he is “not donating money to either candidate for U.S. president.”
Musk formally endorsed Trump on X—the social media platform Musk owns—following an assassination attempt against the former president this past weekend in Pennsylvania. Conspiracy theories about the attempt on Trump’s life proliferated rapidly on X, with the help of Musk himself.
The Tesla CEO’s name did not appear on America PAC’s disclosure filings for June, which could mean that he donated to the PAC earlier this month.
Musk, who is worth over $250 billion, is one of more than a dozen billionaires supporting Trump and his newly chosen running mate, Sen. JD Vance (R-Ohio). Axios and the Times reported Tuesday that Musk personally lobbied Trump to make Vance his vice presidential pick.
Musk and other U.S. billionaires got $1 trillion richer during Trump’s first four years in office, gains fueled by massive tax cuts he signed into law in 2017.
Why are billionaires like Peter Thiel, Rupert Murdoch, Stephen Schwartzman, and the owner of this website rallying behind Trump?
Yes, the tax cuts. But there's more.
The more Trump tears down democracy, the safer the oligarchy becomes.
Sanders wrote in his email Tuesday that Musk’s influence on the 2024 election could be particularly pronounced given his ownership of X, the social media platform formerly known as Twitter.
Musk, Sanders wrote, has used the platform “to amplify the voices of conspiracy theorists who deny the results of the last election and spread the dangerous idea that Democrats want to allow mass, undocumented migration to the country to replace, electorally, the votes of white people.”
“The reality is that while people like Elon Musk try to buy elections for Donald Trump, people who work for low wages, have no health insurance, can’t afford prescription drugs, and can’t find affordable housing are giving up on politics,” the senator continued. “They see the rich getting richer as they use their wealth to buy influence, and wonder whether anyone in Washington even knows what is going on in their lives.”
Sanders argued that to end the pernicious political influence of Musk and other billionaires, it is essential to elect candidates who support overturning Citizens United v. Federal Election Commission, the 2010 Supreme Court decision that spawned the super PACs now playing a massive role in the nation’s elections.
“It is an issue that should concern all Americans—regardless of their political point of view—who wish to live under a government that represents all of the people and not just a handful of powerful special interests,” Sanders wrote. “Taking action is not just good politics, it is also good policy. Because the truth is, campaign finance reform is the most important issue facing us today, because it impacts all the others.”
The focus on growth to ease the UK’s economic ills will not be nearly enough, but there is a way to raise the sums needed
Never let your opponents define the terms of a debate. All too often, Labour has allowed the Conservatives and the billionaire press to demonise the notion of “tax and spend”. It went to great lengths before the election to assure voters it had no such intention. Now it drives home the message: instead, our needs will be met by “growth, growth, growth”. But tax and spend is the foundation of a civilised society.
Few of the changes this country requires can be achieved while adhering to the “tough spending rules” the new government has imposed on itself. We urgently need massive public investment in the NHS, social care, schools, environmental protection, social housing, local authorities, water, railways, the justice system and virtually all functions of government. We need a genuine levelling up, across regions and across classes. The austerity inflicted on us by the Conservatives was unnecessary and self-defeating and Labour has no good reason to sustain it.
The new government insists it is ending austerity. It isn’t. As the Institute for Fiscal Studies (IFS) pointed out in June, Labour’s plans mean that public services are “likely to be seriously squeezed, facing real-terms cuts”. Similarly, the Resolution Foundation has warned that, with current spending projections, the government will need to make £19bn of annual cuts by 2028-29. However you dress it up, this is austerity.
We are constantly told: “There’s no money.” But there is plenty of money. It’s just not in the hands of the government. The wealth of billionaires in the UK has risen by 1,000% since 1990. The richest 1% possess more wealth than the poorest 70%. Why do they have so much? Because the state does not; they have not been sufficiently taxed.
