Elon Musk becomes the world's first trillionaire, with the biggest contributor being U.S. taxpayers
- Elon Musk has become the world’s first trillionaire, thanks primarily to American taxpayers and government policymakers. The federal government provided SpaceX with over $500 million in early funding and, in 2008, awarded a crucial $1.6 billion NASA contract when the company was on the verge of running out of cash. Musk has acknowledged that without NASA’s support, SpaceX wouldn’t be where it is today.
- Tesla also received key backing: in 2010, it secured a $465 million low-interest loan from the Department of Energy to develop the Model S; tax credits for electric vehicle buyers saved Tesla customers around $3.4 billion before 2019, indirectly allowing Tesla to earn over $1 billion more. But the most significant support came from the regulatory credit policy: other automakers, due to excessive carbon emissions, were required to purchase credits from Tesla. Between 2008 and 2019, credit sales brought Tesla over $2 billion in revenue, and subsequently, another $12.3 billion, directly translating into profit.
- Without this government support, both companies might have gone bankrupt long ago. Today, Tesla’s share price is driven by Musk’s promises on self-driving technology and robotics, but Wall Street’s trust originated from the government’s initial financial assistance. Early investors noted that the government should have held equity. The regulatory credit policy has been repealed by congressional Republicans, so future credit income could dry up.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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