Turns out Mr. Musk, has 3 ventures which run on taxpayer dollars. Tesla, Space X, and Solar City. All of them are economically unsustainable, but they are making Musk rich(er.)

http://www.againstcronycapitalism.org/tag/elon-musk/

Turns out Mr. Musk, has 3 ventures which run on taxpayer dollars. Tesla, Space X, and Solar City. All of them are economically unsustainable, but they are making Musk rich(er.)

Political Clout Pays Off Big for Elon Musk’s SpaceX

space x cc

Crony capitalism stinks all the away around but when young innovative companies engage in it it’s especially frustrating. Elon Musk, Mr. SpaceX and Mr. Tesla, has long benefited from the goodwill of the American (or in this case Texas) taxpayers.

(From The Washington Free Beacon)

Shortly before a private spaceflight company’s test rocket exploded over southern Texas last weekend, state lawmakers announced millions in subsidies to get the company to continue launching rockets in the Lone Star State.

Space Exploration Technologies, commonly known as SpaceX, will receive more than $15 million in public financing to build a launch pad in Cameron County, near the Mexican border.

The subsidies came after SpaceX’s founder, billionaire tech mogul and pop technologist Elon Musk, made campaign contributions to key state lawmakers and hired lobbyists with ties to Austin.

Is Elon Musk taking taxpayers for a ride with 3 different govt sponsored companies?

Tesla cc I once almost literally stumbled into a Tesla dealership. I was walking back to the Metro after a lunch meeting somewhere in Downtown Washington DC when I looked over and in the bottom floor of a mirrored glass building were 2 Teslas and a salesman.

The Tesla is a beautifully styled car. Its siren song called to me. I walked into the dealership. The salesman told me it went 0-60 in 4 seconds. Impressive. With not a drop of gasoline. Even more impressive. Plus the door handles did this pop-out thing that was straight out of Star Wars. Very cool.  But $85,000 cool? Not that it mattered for me. I am in the mini-van stage of life.

But there was a familiar smell to the showroom. What was it? All of Downtown Washington DC sort of smelled of it. Oh yeah, burning taxpayer dollars. The odor was especially strong  when I opened the driver seat door.

Turns out Mr. Musk, has 3 ventures which run on taxpayer dollars. Tesla, Space X, and Solar City. All of them are economically unsustainable, but they are making Musk rich(er.)

(From Wall Street Pit)

Take Tesla for starters. It received the $465 mm loan from DOE, but it also benefits from a $7500/car federal subsidy for electric cars.  Moreover, it benefits from the State of California’s Zero Emissions Credit program.  In its infinite wisdom, CA mandated that all the major auto companies sell a certain number of zero emissions vehicles.  If they don’t they have to buy credits from companies that do make them-namely, Tesla.  This was also essential in putting the  company in the black in Q1, and the company is sitting on $250 mm worth of these credits.

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