Cryptocurrency analyst Willy Woo questioned on Sunday Sen. Elizabeth Warren’s (D-Mass.) wealth tax proposal targeting Amazon.com Inc. (NASDAQ:AMZN), Jeff Bezos.
Warren Defends Billionaires Tax
Woo responded to Warren’s claim that her proposed wealth tax on Bezos could fund insulin for all Americans and free school lunches for every child in Texas.
Warren noted that a 3% wealth tax on Bezos’ $222 billion fortune would still leave the tech titan with $215 billion to spare.
Bezos didn’t immediately return Benzinga’s request for comment.
Woo lashed out at Warren’s statements, stating that Bezos’s $15 billion investment created a space program and new technologies, while California’s $15 billion high-speed rail project produced “zero miles” of track.
“You’re proposing to move capital from the best capital allocator to the worst, one rife with fraud and overspending,” they added.
Woo likely referred to Bezos’ space company, Blue Origin. Founded in 2000, the company operated solely on the billionaire’s funding in the early days and reached orbit during its debut flight in January.
Asset Allocation Is Subjective, Says X User
Woo faced pushback from X users, who asked whether it was right to compare public works investment benefiting state residents with Blue Origin flights, which they dismissed as elite space tourism.
Another user Bitnik, said that the argument of asset allocation is “subjective.”
“It’s about whether one person should have unilateral state-level capital that he can deploy with zero democratic input/oversight,” they added.
Price Action: Amazon shares closed 0.38% lower at $209.77 on Thursday. Year-to-date, the stock has dived 9%.
Amazon stock lags in short-, medium-, and long-term price trends but shines with a top Growth score on Benzinga’s Edge Rankings.
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Photo Courtesy: Bryan J. Scrafford on Shutterstock.com
