On May 8, Musk responded on X to a dispute about Bernie Sanders’ political contributions over 45 years, with the reply only being “Memes”. According to GMGN market data, the Solana ecosystem meme coin BURNIE surged by more than 100% shortly after Musk’s post, then quickly dropped; as of the time of writing, its market cap is $18.07 million.
Background of Elon Musk and Bernie Sanders’ tax controversy
Against the backdrop of a heated debate in the U.S. over billionaire tax burdens, this round of interaction occurred on May 7, 2026 (Wednesday), through Musk’s public post on the X platform. On X, Musk claimed that his annual tax payments exceed $10 billion; if he exercises stock options, the combined federal tax and state tax could reach 45% of the option premium; the estate tax rate is 40%.
Musk also criticized a wealth tax proposal put forward by California on X—proposing a one-time 5% tax on individuals with net assets above $1 billion—and criticized California Governor Gavin Newsom (Democrat).
Musk’s post drives BURNIE token’s surge
(Source: GMGN)
According to data from GMGN’s market platform as of May 8, 2026, at the time of publication, the BURNIE token’s market cap is $18.07 million. GMGN data shows that after a short-term rally of more than 100%, the market cap quickly fell back, failing to maintain the gains.
Lawmakers’ latest stance on billionaire tax burdens
According to public statements, Vermont Senator Bernie Sanders (Independent) filed a legislative proposal in March 2026 to impose a 5% tax on billionaires, saying it could raise several trillion dollars, to be used to provide $3,000 per person to families with annual incomes of $150k or less, and to build 7 million housing units. Massachusetts Senator Elizabeth Warren (Democrat) also called for requiring billionaires to pay social security taxes above the payroll tax cap. NVIDIA CEO Jensen Huang, meanwhile, publicly urged billionaire residents to stay in California even in the face of high taxes.
FAQ
Why did the BURNIE token briefly surge on May 8, 2026?
According to GMGN market data and a BlockBeats report, after Elon Musk on X responded to a challenge questioning Bernie Sanders’ political contributions with “Memes,” the BURNIE token surged by more than 100% in a short period; after its market cap briefly reached $18.07 million, it quickly fell back.
What is the content of the tax proposal Bernie Sanders made in March 2026?
According to Bernie Sanders’ public statements, his proposal recommends a 5% tax on billionaires, expected to raise several trillion dollars, to provide $3,000 per person to families with annual incomes of $150k or less, and to build 7 million housing units.
What public statements did Elon Musk make regarding personal tax burdens?
According to Musk’s public post on X on May 7, 2026, he claimed that his annual tax payments exceed $10 billion; when exercising stock options, the combined federal tax and state tax could reach 45% of the option premium, and the estate tax rate is 40%.
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