Tesla and SpaceX CEO Elon Musk, at a Wall Street Journal forum last month, shared his view on why “it does not make sense” to excessively tax billionaires.

“It does not make sense to take the job of capital allocation away from people who have demonstrated great skill in capital allocation, and give it to an entity that has demonstrated very poor skill in capital allocation, which is the government,” Musk said.

Laughter was heard from the audience of CEOs at the forum when Musk made the remark.