Elon Musk’s business empire is built on $38 billion in government funding
Government infusions at key moments helped Tesla and SpaceX flourish, boosting Musk’s wealth
By Desmond Butler, Trisha Thadani, Emmanuel Martinez,
Aaron Gregg, Luis Melgar, Jonathan O'Connell
and Dan Keating
February 26, 2025 at 6:10 a.m. ESTToday at 6:10 a.m. EST
Elon Musk and his cost-cutting U.S. DOGE Service team have been on a mission to trim government largesse. Yet Musk is one of the greatest beneficiaries of the taxpayers’ coffers.
Over the years, Musk and his businesses have received at least $38 billion in government contracts, loans, subsidies and tax credits, often at critical moments, a Washington Post analysis has found, helping seed the growth that has made him the world’s richest person.
The payments stretch back more than 20 years. Shortly after becoming CEO of a cash-strapped Tesla in 2008, Musk fought hard to secure a low-interest loan from the Energy Department, according to two people directly involved with the process,holding daily briefings with company executives about the paperwork and spending hours with a government loan officer.
When Tesla soon after realized it was missing a crucial Environmental Protection Agency certification it needed to qualify for the loan days before Christmas, Musk went straight to the top, urging then-EPA Administrator Lisa Jackson to intervene, according to one of thepeople. Both people spoke on the condition of anonymity for fear of retribution.
Nearly two-thirds of the $38 billion in funds have been promised to Musk’s businesses in the past five years.
In 2024 alone, federal and local governments committed at least $6.3 billion to Musk’s companies, the highest total to date.
continues at washingtonpost.com
[I think the above link should bypass the paywall] |
