Joe Biden's 'lies' fact-checked by Elon Musk's Twitter

A tweet by US President Joe Biden has been fact-checked on Twitter barely two days after Elon Musk finalised his $US44 billion takeover deal of the popular social networking service.

On Friday, the president was called out by Twitter readers for inflating the number of corporations that were making billions, according to Fox News.

In a tweet said to be giving "the facts", Mr Biden claimed that 55 corporations made $US40 billion in 2020 and "paid zero in federal taxes".

The tweet had an "added context" stamp applied to it by readers indicating the Inflation Reduction Act imposed a minimum tax on corporations with average pre-tax earnings greater than $US1 billion.

It also noted "of the 55 corporations mentioned by President Biden, only 14 had earnings greater than $1 billion and would be eligible under Biden's tax law".