Conservative commentator Mike Lee defended Elon Musk’s wealth on Saturday, pushing back against renewed criticism from Sen. Bernie Sanders. Lee argued that Musk’s assets belong to him and warned that treating individual property as public assets threatens everyone’s financial rights.

Sanders Highlights Wealth Gap

Sen. Sanders (I-Vt.) criticized billionaire wealth concentration in a post on X, stating that one man holds more wealth than the bottom half of American households combined. To illustrate the disparity, Sanders noted that 60% of Americans live paycheck to paycheck, approximately 800,000 people are homeless, and 85 million lack health insurance.

Sanders has repeatedly made similar arguments in recent years, often citing Musk as a symbol of runaway wealth concentration. He concluded his post by asserting that society can and must do better.

Musk Clarifies Asset Composition

Elon Musk responded to the implications that his wealth sits idle by clarifying its composition. He stated that he holds stock in SpaceX and Tesla Inc. (NASDAQ: TSLA), not a large pile of cash. This distinction highlights that most of his net worth derives from unrealized equity, which fluctuates with company performance rather than representing liquid, spendable cash.

Musk added that as his companies create more value, all shareholders benefit, including many retirement programs. He emphasized that value increases proportionate to projected usefulness.

Political Context

Mike Lee commented on Musk’s post, writing that Marxists would prefer to punish individuals for such success. The exchange occurs against a backdrop of Musk’s complicated but renewed relationship with Republicans. Musk previously led the Trump administration’s Department of Government Efficiency before a public falling-out, followed by reconciliation and new political spending ahead of the 2026 midterm elections.

Musk currently leads Tesla Inc. and Space Exploration Technologies Corp. (NASDAQ: SPCX).

Tesla Inc (NASDAQ: TSLA) shares fell 6% to $353.71 on Friday, extending a decline of 29% from all-time highs set in December. GLJ Research analyst Gordon L. Johnson maintained a Sell rating with a price target of $24.86, signaling potential for a 93% further decline.

Johnson argued that the recent Cybercab event failed to address critical business questions regarding vehicle volume, pricing, and regulatory rules. He noted that while the vehicle is operational in Austin, the stock is priced for a network rather than a car.

Analyst View on Cybercab Event

Johnson described the event as featuring a curated group of attendees who rode in a two-seater without steering wheels or pedals. He stated that no new details were provided on Tesla’s network capabilities.

"A car showed up. A business didn’t," Johnson said in his investor note. He acknowledged progress from the vehicle being a soundstage prop to a production unit in a geofenced area but emphasized the lack of commercial clarity.

Historical Post-Event Performance

The analyst highlighted a pattern of negative returns following Tesla’s flagship events since Battery Day in September 2020. Across the prior ten events, the average return was -3.2% the next day and -5.2% over the following week.

Johnson expects the current decline to exceed these historical averages. His $24.86 target is based on a 10x price-to-earnings multiple applied to GAAP-estimated earnings per share of $2.49.

What the Numbers Show

The divergence between the current share price of $353.71 and the analyst’s target of $24.86 highlights a significant valuation gap. The target implies that the market’s current pricing does not reflect the operational reality presented at the Cybercab event, according to Johnson’s analysis.