A Ponzi scheme “is a fraud intended to mislead investors,” said Christina C. Benson, an Elon University associate professor of business law. “Social Security is a legally mandated system that has been in place since the 1930s to serve as a critically important social safety net that allows working Americans to save towards retirement.”

The tech billionaire has made several comments in recent weeks regarding fraud in benefits and entitlements administered by the federal government.

Donald Trump has angrily denied reports that the Tesla supremo is to be briefed about US plans for a war with China.

Trump administration officials said the company donated the internet service, saying the gift had been vetted by the lawyer overseeing ethics issues in the White House Counsel’s Office.

Joy inside the White House that billionaire Elon Musk is taking the heat for unpopular positions of the Donald Trump administration is quickly dissipating as the president's approval numbers start to tumble.