Elon Musk Is Shutting Down the Part of the Government That Helped Him Save Tesla

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Futurism 13h ago

Elon Musk Is Shutting Down the Part of the Government That Helped Him Save Tesla - Futurism

Quick Summary:

In early 2010, Tesla received a $465 million loan through the Department of Energy's Loan Programs Office, allowing it to establish crucial supply lines for its Model S production and buy the Fremont factory in California from a bankrupt Toyota and General Motors venture.

Billionaire and Tesla CEO Elon Musk's businesses have relied greatly on government funds, rescuing them from certain doom on several occasions.

It was a massive, taxpayer-funded lifeline that came at an extremely important time for Musk's EV maker, but over 15 years later, the situation looks dramatically different.