Adam Wyden lives in Florida and runs a hedge fund worth $350 million
Oregon Democratic Senator Ron Wyden’s son, a Florida-based hedge fund millionaire, put his liberal dad and his ‘cronies’ in Congress on blast Sunday night after the lawmaker used an exchange with Elon Musk to again promote his proposed billionaire’s tax.
Adam Wyden, 37, was responding to a comment his father left on the Tesla CEO’s Saturday night Twitter poll asking, ‘Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock. Do you support this?’
The elder Wyden ripped Musk’s cavalier attitude in leaving a decision about thousands of tax dollars to social media.
‘Whether or not the world’s wealthiest man pays any taxes at all shouldn’t depend on the results of a Twitter poll. It’s time for the Billionaires Income Tax,’ the Senator wrote.
His son jumped in with a forceful response on Sunday evening.
‘Why does he hate us / the American dream so much?!?!?!?!’ Adam Wyden wrote.
‘Reality is: most legislators have never built anything… so I guess it’s easier to mindlessly and haphazardly try and tear stuff down.’
He then flaunted his own financial success, writing: ‘Thankfully, I think I can compound faster than my dad and his cronies can confiscate it…’
Musk threw his own childish insult at Senator Wyden as well.
‘Why does ur pp look like u just came?’ the billionaire bizarrely quipped.
Wyden had introduced his proposal for a Billionaire’s Tax on unrealized gains in late October as a way to pay for President Joe Biden‘s Build Back Better agenda. It was quickly derailed by bipartisan concerns and questions over the plan’s constitutionality.
It was since scrapped in favor of a surtax on wealthy Americans making more than $10 million.
He sounded off at his father when the Oregon senator got into a Twitter spat with Tesla CEO Elon Musk
His dad, Democrat Senator Ron Wyden (pictured with wife Nancy Bass Wyden) is one of the architects of the billionaire’s tax
The billionaire’s tax was a proposal that would tax the ultra wealthy on the year-to-year value certain assets gain, while currently they only have to pay penalties at the time of sale.
Millionaires and billionaires generally borrow money against these assets to build more wealth while keeping their taxable finances low.
The proposed tax would have hit the gains of those with more than $1 billion in assets or incomes of more than $100 million a year. The rate would align with the capital gains rate, now 23.8 percent.
That means Adam Wyden, whose share in his $350 million hedge fund is valued at $100 million, would be one of the ultra-wealthy Americans forced to pay up.
His firm, ADW Capital Partners, relies on investing in ‘micro- and small-cap stocks mostly ignored by analysts and large hedge funds,’ according to a Forbes business profile on him written earlier this year.
It’s also the biggest financial backer of Texas-based RCI Hospitality, which runs as many as 40 gentlemen’s clubs as well as famous New York City strip club Rick’s Cabaret.
Just this year Adam Wyden and his wife closed a deal on a Miami Beach mansion worth nearly $14 million
The six-bedroom 7,000 square-foot home sits on Miami Beach’s exclusive Allison Island
The younger Wyden, though reportedly not registered with a major political party, appears to have acted on a more conservative fiscal position when he moved his company and his family from tax-heavy New York to business-friendly Florida last year.
He also didn’t shy away from expressing his anger at the Biden administration back in April, over a proposal to raise the capital-gains tax to nearly 40 percent for taxpayers earning $1 million per year or more.
Billionaire’s Tax: Quick Facts
- Affects people making more than $100M annually or own more than $1 billion in assets for 3 or more years
- When selling tangible assets like real estate or a business, they would pay a ‘deferral recapture amount’ in interest on top of their usual tax
- It’s estimated the tax will raise $250 billion over 10 years
- Architects of the billionaires tax say it will affect roughly 700 people
- Marked to market: Billionaires would pay taxes on tradable assets like stocks if they increase in value year-over, rather than just when they are sold
The investing wiz called Biden’s tax plan ‘anti-American.’
‘I’m very disappointed with American governance right now. Do you think any of these guys actually know what they’re doing?’ Adam Wyden said of the government his dad is part of the majority for.
But he had also conceded to Forbes at the time that ‘I don’t think I have any sway over my father’ and the liberal tax policies the Oregon senator favors.
Instead, the young multi-millionaire appears focused on building his wealth as quickly as he can – and showing it, as a flashy new real estate purchase indicates.
Adam Wyden, whose name on Twitter references an Orthodox Jewish phrase expressing compassion and the will to better society, put his name on the deed to a $14 million waterfront mansion in July.
The home is located on Miami Beach’s exclusive Allison Island and boasts sic bedrooms across 7,000 square feet, according to property news site The Real Deal.
But his Democrat dad isn’t exactly living modestly, either.
Ron Wyden and his second wife, Nancy Bass Wyden, reportedly split their time between Portland and Washington, DC. They also frequented New York City, where they put a $7.5 million townhouse in Manhattan’s wealthy Gramercy Park section up for sale in 2016.
Bass Wyden, Adam Wyden’s step-mother, is the owner of Strand bookstore, a famous NYC fixture that was founded by her grandfather in 1927.
She got into hot water last year when the lawmaker’s wife made a public plea for donations to help mitigate the store’s plummeting revenue during the COVID-19 pandemic, while also having received a generous federal pandemic loan.
For the most part, Adam Wyden’s Twitter page is free of political commentary, instead choosing to post investment tips and updates on his financial ventures.