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Should Billionaires pay their fair ‘share’?6 min read

November 27, 2021 5 min read


Should Billionaires pay their fair ‘share’?6 min read

Reading Time: 5 minutes
Elon Musk is now worth quarter of a TRILLION dollars – here's what he could  buy
Click on this image to learn all about Elon Musk and his oodles of money.

Alright then, we’ve met Elon Musk, his wealth, his odd money situation and have been acquainted with his escape from taxes. But why are we scratching the backs of our brains to understand all of this now?

Well, it all began a few weeks ago with a series of tweets when Elon Musk made a whopping 36 billion dollars on his shares in a single day! That’s more money than most families will see in their lifetimes. As everyone marvelled at Elon Musk’s amazing feat, one man thought that Elon’s money could be put to better use. In fact, he claimed that just 1/6th of the money Elon Musk made in one day could solve world hunger!

Shocked Oh No GIF by YΓͺu Lu

So, who was this man, and what happened next? Let’s find out:

The director of the United Nation’s World Food Program, David Beasley, tweeted that just 1/6th of what Elon Musk made in a single day could bring 42 million starving people food for a year.

The World Food Program won the Nobel Peace Prize for feeding over 100 million starving people last year!

Nobel Peace Prize 2020 awarded to UN World Food Programme | Deccan Herald
Image: Deccan Herald

Elon Musk responded to this tweet with his own tweet that stated that if David Beasley could prove to everyone how his money could solve world hunger, he would immediately sell his shares and give the money to the World Food Program.

Many people like Elon Musk do not believe that the UN can solve world hunger especially due to the widespread claims of corruption and wastage of funds in the UN. Moreover, a lot of hunger is caused not by a lack of food but rather by other causes such as wars, corruption, and mismanagement of food.

David Beasley replied to the last tweet by letting Elon Musk know that he would get back to him soon. He said that he knew Elon Musk’s money couldn’t solve world hunger as there are other conflicts to resolve before that, but his money could undoubtedly bring 42 million malnourished people the food that they so desperately need.

Tax the billionaires

In the meanwhile, Elon Musk noted the buzz around the need for billionaires to be taxed. Many people believe that even the wealth of billionaires should be taxed, as they get away with hoarding a lot of money and not sharing it with society. In fact, the democratic party that holds power in the US at the moment plans to introduce a wealth tax for millionaires and billionaires.

Due to all of this, Elon Musk decided to put up a poll on Twitter for his 600 million followers regarding whether he should sell his shares for money.

If a majority of his followers answered yes, he said he would abide by the poll and sell his shares. As a result, he would be eligible to pay billions of dollars of tax.

As you can see, the poll was actually rather close and that’s because many believe that by spending money on his many innovations and inventions he is, in fact, helping humankind progress and live better. In their opinion, the government isn’t as honourable as Elon Musk’s companies and may not end up using all of the tax money for the people’s benefit.

After the poll was closed, it turned out that his followers did indeed want him to sell his shares. So, he sold around 6 billion dollars worth of shares and now the government can take a certain percentage of that money as income tax.

Then, just two days ago, David Beasley from the World Food Program shared details of how the organisation would spend Elon Musk’s money to feed the hungry if he were to give it to them.

Elon Musk is yet to send in his response.

This exchange brings up a lot of questions.
Try to come up with some challenging questions for either side