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Tesla and SpaceX CEO Elon Musk has completely rejected the claims that their success is due to government help. Musk, while interfering in the ongoing debate among US senators on social media platform X, termed a recent article as completely false.
Musk says that the government help i.e. rebate received by the companies is not even 2% of the total value of SpaceX and Tesla. He claimed that when Donald Trump stopped subsidies on Electric Vehicles (EV), Tesla sales increased instead of decreasing. Recently Musk has become the world’s first trillionaire.
Musk said- the article is completely false
Musk wrote on X, ‘The article is completely false. You can add up every government incentive my companies have ever received, and they are less than 2% of the total value of SpaceX and Tesla. In fact, many of these incentives have benefited our competitors much more than us.
Tesla sales increased when tax credit was removed
Musk also gave an example to prove his point. He claimed that when President Donald Trump removed the $7,500 federal tax credit for electric vehicles (EV).
Then Tesla’s sales increased instead of decreasing. This happened because buyers increasingly shifted to Tesla from other EV makers, which helped us increase our market share.
Controversy started from debate between two American senators
- This whole thing started when US Senator Mike Lee posted on X that this was Elon’s money. They can use it as per their wish. This is not the public or government’s money.
- On this, another US senator Ed Markey expressed his disagreement and shared the link of an article. “Mike, I’m sad to tell you this, but it’s our money,” Markie wrote.
- The heading of the article that Markie shared was – ‘How much of Musk’s money comes from government help? Virtually complete.
Senator Mike Lee defends Elon Musk
Senator Mike Lee again responded to Ed Markey’s taunt and defended Elon Musk. Lee wrote that the fact that Congress (US Parliament) has subsidized many things, which I have always strongly opposed.
However, despite this, Ilon’s money does not become yours or the government’s. This debate between the two senators quickly went viral on social media, after which Musk himself had to come forward to clarify this.
Opinion divided regarding criticism and support
There are two types of opinions in the market regarding Musk’s companies. Critics argue that companies like Tesla and SpaceX took full advantage of government tax credits, grants and other incentives during their early growth days.
Musk’s supporters say that all these government programs were open to all the companies in the industry. In such a situation, taking advantage of government schemes does not diminish the importance of the successes and achievements of these companies.
What are the incentives and tax credits?
A small box explaining what kind of tax credits (like $7500 rebate) and grants the US government provides to companies and customers to promote the EV and space sector and how these are game changers for companies in their early days.
Musk becomes the world’s first trillionaire
4 days ago, Musk, the richest businessman, has become the world’s first trillionaire. His net worth has crossed Rs 95 lakh crore. There has been a record jump in Musk’s wealth after the IPO listing of Musk’s rocket company SpaceX.
On Friday, June 12, trading of SpaceX shares started at $ 150 per share on the American stock exchange Nasdaq. According to Forbes, after the listing of the IPO, Musk’s total net worth has increased to $ 1.1 trillion, which was $ 982 billion on Thursday.
Read this news also…
Elon Musk the world’s first trillionaire: It will take 114 years to spend ₹10 crore every hour, SpaceX IPO listed in America
The world’s richest businessman Elon Musk has become the world’s first trillionaire. His net worth has crossed Rs 95 lakh crore. There has been a record jump in Musk’s wealth after the IPO listing of Musk’s rocket company SpaceX.
On Friday, June 12, trading of SpaceX shares started at $ 150 per share on the American stock exchange Nasdaq. According to Forbes, after the listing of the IPO, Musk’s total net worth has increased to $ 1.1 trillion, which was $ 982 billion on Thursday. Read the full news…
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