The Los Angeles Times with the expose:
Los Angeles entrepreneur Elon Musk has built a multibillion-dollar fortune running companies that make electric cars, sell solar panels and launch rockets into space.
And he's built those companies with the help of billions in government subsidies.
Tesla Motors Inc., SolarCity Corp. and Space Exploration Technologies Corp., known as SpaceX, together have benefited from an estimated $4.9 billion in government support, according to data compiled by The Times. The figure underscores a common theme running through his emerging empire: a public-private financing model underpinning long-shot start-ups.
"He definitely goes where there is government money," said Dan Dolev, an analyst at Jefferies Equity Research...
The figure compiled by The Times comprises a variety of government incentives, including grants, tax breaks, factory construction, discounted loans and environmental credits that Tesla can sell. It also includes tax credits and rebates to buyers of solar panels and electric cars...
New York state is spending $750 million to build a solar panel factory in Buffalo for SolarCity. The San Mateo, Calif.-based company will lease the plant for $1 a year...
The federal government also provides grants or tax credits to cover 30% of the cost of solar installations. SolarCity reported receiving $497.5 million in direct grants from the Treasury Department.
Well that figures. I did get to test drive a Model S P85D in Rocklin while visiting California, I have to say, it was an awesome car.
ReplyDeleteThis just took some of my love for it away.
Didn't Musk donate a large amount of cash to Ron Paul's campaign in the 2012 go around?
space x is a phoney fake show and like all phoney fake show's we see today of course it is funded by government.
ReplyDeletenasa 2.0
Now I understand why they make these products in America. Without the subsidies there is no way a company like Telsla could compete internationally if they were made in America.
ReplyDeleteHe's also now chasing Military Industrial Complex money:
ReplyDeletehttp://news.investors.com/technology/052715-754405-spacex-air-force-contracts-for-military-launches.htm
He's become a twisted creature.
Definition of musk:
"a strong-smelling reddish-brown substance that is secreted by the male musk deer for scent-marking and is an important ingredient in perfumery."
He's perfumed himself up to hide the stink of cronyism/rent seeking.
Without wars, interventionism and other subsidies/mandates, oil and other huge f500 companies wouldn't exist. Wonder if any one has ever tried to gauge what the true price of oil would be without all this govt support?
ReplyDelete