Elon Musk is a very innovative businessman — a true entrepreneur. But his three most innovative businesses all swim in corporate welfare from the federal and state governments, and the tide of taxpayer money continues to rise and lift Musk’s boat.
Musk’s solar panel business benefits from state tax credits and subsidies for the production of panels. His plug-in-electric car business benefits from federal loan guarantees for the factory, tax credits for buyers, other subsidies including building out a network of charging stations. And Musk’s satellite business benefits from Export-Import Bank loans, and export subsidies by a European version of Ex-Im.
In Texas this month, another Elon Musk subsidized project broke ground. Check out this report from Brownsville, about a new SpaceX launch facility, a public-private partnership with the Texas government and the University of Texas, and the involvement of Obama’s Commerce Secretary Penny Pritzker.
Musk’s launch facility is built on $20 billion in direct state and county subsidies, and this additional state money is something of an indirect subsidy.
Other recent Musk subsidies included a $1.4 billion package of goodies created by Gov. Brian Sandoval and Nevada’s legislators — they even had a special session of the legislature dedicated to giving their constituents’ money to the billionaire — and $750 million from New York Governor Andrew Cuomo to help Musk build a solar panel plant.
