Elon Musk's growing empire is fueled by $4.9 billion in government subsidies - Los Angeles Times
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. , known as SpaceX, together have benefited from an estimated $4. 9 billion in government support, according to data compiled by The Times. 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. A looming question is whether the companies are moving toward self-sufficiency — as Dolev believes — and whether they can slash development costs before the public largesse ends. Tesla and SolarCity continue to report net losses after a decade in business, but the stocks of both companies have soared on their potential. (SpaceX, a private company, does not publicly report financial performance. Musk and his companies' investors enjoy most of the financial upside of the government support, while taxpayers shoulder the cost. The payoff for the public would come in the form of major pollution reductions, but only if solar panels and electric cars break through as viable mass-market products. Source: www.latimes.com
