Get the latest tech news

Musk Shutting Down Government Loan Office That Gave Him the Money to Grow Tesla

Musk is killing the very program that took a risk on his moonshot project, directly laying the foundation for him to become the world's wealthiest man.

Back when Elon Musk had a bank account with merely one billion dollars in it he had to borrow money from the federal government to get his fledgling EV automaker off the ground. Fifteen years later and Musk is biting the hand that feeds, killing the very program that took a risk on his moonshot project, directly laying the foundation for him to become the world's wealthiest man. There isn't a bank on the face of the Earth that would have given Musk that much money for an unproven product from an upstart company in a then-non-existent market, which is exactly why the Loan Programs Office exists in the first place.

Get the Android app