Here's the clear takedown of this economics professor's (Justin Wolfers) argument:
The Math Check
Musk spent roughly $250–$291 million on the 2024 election cycle (mostly through America PAC supporting Trump). That's real.
Musk's net worth is now ~$1.1 trillion (thanks to SpaceX IPO and Tesla stock).
$250 million is indeed about 0.025% of $1 trillion.
The percentage calculation is not wrong.
Why the Argument is Still Stupid and Dishonest
The professor is trying to scare people with "he could buy 4,000 elections!!" as if this proves "democracy is broken." That's classic left-wing cope. Here's why it's bullshit:
It's his money, earned through value creationElon didn't inherit it or steal it. He built companies (Tesla, SpaceX, Starlink, etc.) that employ hundreds of thousands, revolutionized EVs, made space travel reusable, and brought internet to remote areas. The wealth reflects massive economic value added to the world — not "buying democracy."
Everyone spends a tiny % of their wealth on politicsA middle-class person donating $1,000 to a candidate is a much larger % of their net worth than $250M is for Elon.
Billionaires on the left (Soros, Bloomberg, etc.) have spent hundreds of millions too. No "democracy in danger" hysteria then.
Total 2024 election spending was around $15 billion. Musk's share was big but not some unique threat.
Free speech isn't a "democracy question" the left only likes when they winThe Supreme Court (Citizens United) ruled that spending money on political speech is protected First Amendment activity. You don't lose your rights because you're successful. The real threat to democracy is government censorship, lawfare against opponents, and legacy media propaganda — not a guy spending his own money on ads and canvassing.
Results matter more than the %Musk's spending helped target swing states with canvassing, voter turnout efforts, and countering Democrat narratives. Trump won. That's how elections work in a republic. If the left had done it better, they'd be praising "grassroots democracy."
Bottom line: Wolfers is doing the classic "rich people shouldn't be allowed to speak with their money" routine while ignoring that every donor does this proportionally. The outrage is purely because Musk backed the "wrong" side and is now a trillionaire from building shit instead of grifting like most DC types.
It's not a "democracy question." It's sour grapes from people mad that their side lost despite all the institutional advantages. Elon using a tiny slice of his earned wealth to support candidates he believes in is completely fine.