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Elon Musk’s $5 billion scheme: Worse than Solyndra scam.


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#1 Rogerdodger

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Posted 14 October 2017 - 10:20 PM

Elon Musk’s empire was built with the help of nearly $5 billion in government support, according to the Los Angeles Times.

 

TESLA fires hundreds...

 

The electric vehicle maker missed targets for producing the lower-cost sedan, manufacturing only 260 last quarter despite a wait list of more than 450,000 customers.

 

Musk’s empire is by no means the only one hauling in generous subsidies — U.S. companies collect “tens of billions of dollars each year,” the newspaper said, citing Good Jobs First, a nonprofit that tracks government subsidies.

The subsidies for Musk’s companies stand out, however, “both for the amount, relative to the size of the companies, and for their dependence on them,” the Los Angeles Times said.

 

Truly free markets are the only truly moral markets, regardless of the alleged intent.

Real people are forced to support this billionaire without any benefit to themselves.

Any similarity to slavery? ;-)

 

May 2013:

The latest round of Tesla wonderment came when it reported its first quarterly profit earlier this month. TSLA stock darned near doubled in a week.  Musk then borrowed $150 million from Goldman Sachs (shocking!) and floated a cool billion in new stock and long-term debt.  That’s how we—the taxpayers—were repaid.

Tesla didn’t generate a profit by selling sexy cars, but rather by selling sleazy emissions “credits,” mandated by the state of California’s electric vehicle requirements.  The competition, like Honda,  doesn’t have a mass market plug-in to meet the mandate and therefore must buy the credits from Tesla, the only company that does. The bill for last quarter was $68 million.


Edited by Rogerdodger, 14 October 2017 - 10:34 PM.


#2 Rogerdodger

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Posted 03 November 2017 - 09:33 PM

Another fraud is nearing collapse:

"From Enron to Bernie Madoff, at the end of every great American financial scandal, the totality of the perpetrators’ greed seems to be matched only by the public’s incredulity at how such a thing could be allowed to happen.

And thanks to Elon Musk, there’s a good chance we may all be asking this question again soon.

Already grossly subsidized, Musk’s SolarCity has become an albatross of waste, fraud, and abuse of taxpayer dollars.

 

TESLA shares crash over end of electric car tax break...

The proposed House tax bill calls for an immediate repeal of the $7,500-per-vehicle credit: something that would have an immediate knock-on impact for Tesla given that it only produces electric cars.

Its share price fell more than seven per cent to about $296 apiece from Wednesday's $321. The draft law emerged as the Elon-Musk-led automaker announced its worst-ever quarter, recording a $671m loss and admitting it had not met its production target for its new Model 3 car, producing just 220 of them against its 1,500 target.

 

Economists believe that the tax credit is a key driver for electric car sales, and cite the example of when the state of Georgia cut its $5,000 tax credit and saw sales of electric cars slump from 1,400 a month to just 100 a month in response.


Edited by Rogerdodger, 03 November 2017 - 09:38 PM.