Elon Musk’s growing empire is fueled by $4.9 billion in government subsidies – LA Times

Elon Musk's companies, including Tesla, SpaceX and SolarCity, are propped up by massive amounts of corporate welfare.

Billionaire Elon Musk’s business success is bolstered by $4.9 million in corporate welfare, according to an investigation conducted by¬†The Los Angeles Times. The government support is so significant that The Times goes so far as to refer to his approach as ‘a public-private financing model underpinning long-shot start-ups’

The $4.9 million is made up of grants, tax breaks, factory construction, discounted loan rates and environmental credits sold by Tesla.

Despite the support, two of Musk’s companies — Tesla and SolarCity — still report net losses, though both have been operational for more than a decade. Meanwhile, Musk and his investors profit.

Source: Elon Musk’s growing empire is fueled by $4.9 billion in government subsidies – LA Times