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.