A viral social media post claims that the $3 billion spent by Elon Musk to buy a 9% stake in Twitter should have been given directly to the American people.
“With the money Elon Musk spent buying Twitter stock, he could have given $100,000 to every American family and still had enough left over to cancel all student debt,” Hunter Walk, co-author, tweeted. founder of a venture capital firm.
If Walk’s tweet sparked a sense of familiarity, it’s because it echoed a similar claim involving Michael Bloomberg.
In the 2020 presidential election, it was claimed that Bloomberg’s campaign spent $500 million on advertising. A social media user at the time said the money could have been used to give the 327 million people in the United States $1 million each.
PolitiFact found that the Bloomberg reviewer’s calculations were wrong. If $500 million were actually split among 327 million people, that would be about $1.53 per person.
Walk’s tweet also includes miscalculations. Although it does not say what is considered a family, there are at least 122 million households in America with about 2.6 people per household, according to the United States Census Bureau.
Dividing $3 billion by 122 million households, each unit would get $24.59, with nothing to fight student debt.
Even if Musk’s $3 billion were spent on paying off college loans, that wouldn’t cover a quarter of what’s owed.
It is estimated that Americans owe approximately $1.74 trillion in student loans.
Walk later admitted he wasn’t serious with his request and said in answer that it was a “tweet troll”.
In a follow-up tweet on April 6, he joked about his post triggering a fact-check by Twitter’s Birdwatch feature.
“What did I learn? People on the left don’t do math and people on the right are really ready to defend their wealthy icons,” Walk said. “And crypto people are usually vocal but sometimes funny.”
A Twitter user says the $3 billion used by Elon Musk to buy Twitter stock could have been redistributed to give $100,000 to every American family and eliminate student debt.
But $3 billion split among all families in America would be nowhere near $100,000. That wouldn’t even cover the $1.74 trillion that Americans owe in student loans.
We’re rating this Twitter post like pants on fire!