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