Elon Musk has addressed comments made by Pope Leo regarding his increasing wealth by quoting a biblical verse.
Recently, there has been speculation that Elon Musk, the wealthiest person globally, might become the first trillionaire through a potential $1 trillion deal involving his company, Tesla. This could allow Musk to obtain up to 423.7 million more Tesla shares over the next ten years.
Musk’s acquisition of these shares depends on Tesla’s valuation reaching $8.5 trillion, which is about eight times its current value.
The news has garnered international attention, prompting comments from Pope Leo, the newly appointed and first American pope, concerning the vast wealth gap.
In an interview with The Crux published on his 70th birthday, Pope Leo remarked: “We live in times when polarization seems to be one of the words of the day, but it’s not helping anybody.”
“One which I think is very significant is the continuously wider gap between the income levels of the working class and the money that the wealthiest receive,” he added.
Pope Leo highlighted the stark differences in compensation between typical workers and CEOs.
He noted: “CEOs that 60 years ago might have been making four to six times more than what the workers are receiving, the last figure I saw, it’s 600 times more than what average workers are receiving.”
He specifically addressed the news about Elon Musk’s potential deal.
He commented: “Yesterday [there was] news that Elon Musk is going to be the first trillionaire in the world.
“What does that mean, and what’s that about? If that is the only thing that has value anymore, then we’re in big trouble.”
Understandably, some of Musk’s supporters found this upsetting, and Musk responded with a verse from the book of Matthew.
He tweeted: “Why do you see the speck in your neighbor’s eye, but do not notice the log in your own eye?“ (Matthew 7:3-5).”
This response has been interpreted as Musk suggesting that the Pope should focus on his own environment and the Vatican rather than on Musk’s affairs.
Following Pope Leo’s comments, some critics pointed out the significant wealth accumulated by the Vatican over the years.
Environmentalist and Chief Investment Officer of Hayman Capital Management, Kyle Bass, tweeted that the Vatican’s estimated total wealth is approaching $2 trillion. He claimed that the Catholic Church owns 200 million acres of land, benefits from tax exemptions, and manages an endowment with investments exceeding $100 billion. Musk shared this post while referencing the biblical verse.
It is challenging to ascertain the exact wealth of the Vatican, as the assets of Vatican City and the Holy See are in the billions, but the majority of the Church’s wealth is held by independent dioceses, religious orders, and local parishes. This makes determining a precise total difficult, with estimates ranging from around $10 billion to potentially hundreds of billions.
The Vatican has been contacted for comment.