The world's richest man argued that the retirement and disability benefit system poses a significant financial risk to America's future.

Billionaire Elon Musk has said there is widespread fraud taking place in the payment of "federal entitlements" like Social Security. Social Security benefits are paid to more than 70 million Americans on a monthly basis, and help form the bedrock of income for many retirees, survivors of deceased claimants and disabled people.

Musk called Social Security a "Ponzi scheme," a remark that has drawn significant backlash from Democrats and critics.

Elon Musk indicated that a Social Security database lists millions of centenarians "with the death field set to FALSE."