Posted on 12/29/2012 12:58:26 PM PST by ColdOne
Taxpayers footed the bill for a $465 million loan to troubled electric carmaker Tesla as part of President Barack Obama’s “green energy” stimulus. But Tesla’s CEO Elon Musk is now riding high with the purchase of his new $17 million mansion.
Mr. Musk’s 20,248-square-foot hilltop mansion boasts breathtaking views, a two-story library with rolling ladder, a home theater, and a five-car garage to house his taxpayer-subsidized, pricey Tesla vehicles.
(Excerpt) Read more at breitbart.com ...
Just got an SBA loan and I had to commit all my personal assets as collateral. I knew I should have just invented a windmill powered car that saved the snails and had a horn that cried every time a tree got chopped down in the world.
I could be looking at yacht brochures instead of Free Republic.
http://www.therichest.org/business/elon-musk-net-worth/
For those who'd like a little more insight, here's the Forbe's article on the new mansion:
http://www.forbes.com/sites/hannahelliott/2012/12/28/tesla-and-spacex-founder-musk-buys-17-million-bel-air-mansion/
Sounds like he got a pretty good deal, it was initially listed at $27 million. ;-)
So how come he couldn’t loan some of that net worth to his own company?
No faith.
Because he didn't become that wealthy doing stupid things...why should he when investors will assume the risk in hope of reward?
Some relatives of mine moved to Hawaii in the past few months, job change. Liberals. So we're chatting with them a couple days ago, and the issue of electric cars came up, "clean" energy and all that. Thinking of getting one. I told the husband that electric cars are dirty, dirtier than gasoline powered cars. He asked "how's that?". I asked him if he sees any nuclear power plants or hydro-electric plants in Hawaii. Then told him almost all the electriciy in Hawaii is generated by burning oil and coal. So recharging that clean electric car is burning oil. Thousands of megawatts produced by burning oil. Half a megawatt here and there produced by wind or alternatives.
They were speechless! Said they would check for themselves. I said good!
Why should he indeed, when he’s got Uncle Sucker in his hip pocket?
I didn’t choose to invest with this guy. Obama gave him OUR money.
I didn’t choose to invest with this guy. Obama gave him OUR money."
Like I said in an earlier post, I'm not sure that was a good investment. Even if it's repaid, what's the interest rate? Nothing like what a regular investor is hoping for...
Don't blame Musk for gaming the system though, all good capitalists do it. ;-)
Plenty of room in the tumbrels for him and Obama both.
but he won’t care. he got his. probably getting big bucks as CEO of a company that will never make a dime, and will never have to repay this “loan”
Cronyism
“Plenty of room in the tumbrels for him and Obama both.”
0, well that is somewhat understandable. Musk, on the other hand, has done nothing either illegal or unethical. Instead, he has provided a better future for mankind going forward.
I wouldn’t invest in Tesla, but SpaceX looks like a good bet.
I hope things improve for you! You seem bitter. :-)
This is blatant corruption. In developing countries with a long history of corruption and trying to put a stop to it, for example China, government officials are put to death for amounts involved in this deals. This person should be jailed and all his assets confiscated. This country is lost because of this kind of corruption if it is not stopped. It is what fosters groups like Occupy.
Nah, I cheerfully despise the connected thieves who are ripping me off.
“Nah, I cheerfully despise the connected thieves who are ripping me off.”
I am completely opposed to the government wasting money. The fact is, though, that Tesla may very well eventually be profitable. That is certainly in contrast to Solyndra and the other “green investments” the 0 administration has made.
Are you saying he’s gay?
“Musk is the founder of PayPal, and mainly from the sale of that company already has a net worth north of $650 million. “
So then why does he need 465 million of my tax money?
So you’ve just proven me right.
He IS a parasite.
Further, there is absolutely zero proof that any electric car program will be profitable at any point in the future.
Especially if common sense wins out and government teet money dries up.
Right now, the only thing keeping electric car makers going is government teet money.
“So then why does he need 465 million of my tax money?”
Why do any of the big companies need tax money (or tax breaks)? Don’t I recall that GE paid no taxes last year? As I said, they game the system.
It look as though, unlike Solyndra and the other bad loans, Tesla will pay the loan back - and ahead of schedule.
http://www.teslamotors.com/blog/update-elon-musk
“Further, there is absolutely zero proof that any electric car program will be profitable at any point in the future.”
There is never any “proof” that something will happen in the future. Some possibilities are more likely than others, though.
“Especially if common sense wins out and government teet money dries up.
Right now, the only thing keeping electric car makers going is government teet money.”
I expect you mean “teat” money.
I don’t think you’re right about profitability though. Right now 13,000 people have put money down on Tesla vehicles. That works out to a cool $1.3 billion worth of vehicles. Other than charge time, you wouldn’t be giving up much over a regular sports car. The top of the line model does 0-60 MPH in 4.4 seconds, and has a range of around 300 miles. The cost for a charge is about $17 in LA, which has higher than average electricity prices. The cost to go the same distance in a 30 MPG car would be about double that.
Electric cars will make more and more sense as the technology improves. Personally, I could like a nuclear powered car (via nuclear generated electricity).
www.teslamotors.com
“www.teslamotors.com”
From your promoting them, I take it that you work for them and thus have a vested interest in keeping the government pork flowing to the company.
You might actually be able to find some idiots that are also true believers in electric fantasy cars.
Fact remains, electric cars will not be profitable at all.
Fact remains, Musk is a big Obama fan.
Fact remains, Musk is big on getting government funds and not using his own money in calculated risk.
Fact remains, GE is a good example of cronyism, recall their massive donations and buddyism with Obama?
“Tesla will pay the loan back - and ahead of schedule.”
Doubt that.
Just like GM “paid back” their bailout loan, right?
[They haven’t by the way.]
“There is never any “proof” that something will happen in the future. Some possibilities are more likely than others, though.”
Funny, you said it is a fact, from your post 34: “The fact is, though, that Tesla may very well eventually be profitable. “
It is not.
So are you habitually a liar or just intellectually dishonest to a fault?
Nope, that's quite a leap of logic on your part. I am an admirer of Elon Musk, who's done very well with the impetus of PayPal to start him off. SpaceX is taking on the established interests and soundly beating them at the space launch game.
"You might actually be able to find some idiots that are also true believers in electric fantasy cars. Fact remains, electric cars will not be profitable at all."
You keep trying to state that as fact, but you're instead making predictions. You seem unable to make the distinction between the two. We'll see how things play out in reality.
"Fact remains, Musk is a big Obama fan."
Musk contributes to both Dems and the GOP, but my take is that he does it to further his interests. Smart, eh? Just what I'd expect of a self-made billionaire.
"Fact remains, Musk is big on getting government funds and not using his own money in calculated risk."
Along with a ton of other companies...that is called "smart business".
"Fact remains, GE is a good example of cronyism, recall their massive donations and buddyism with Obama?"
Sure, and the relevance is what exactly? (BTW in my view GE is far worse than Tesla, it paid $0 in 2011 taxes right?)
Tesla will pay the loan back - and ahead of schedule.
"Doubt that. Just like GM “paid back” their bailout loan, right? [They haven’t by the way.]"
Obviously not like GM...duh.
There is never any “proof” that something will happen in the future. Some possibilities are more likely than others, though.
'Funny, you said it is a fact, from your post 34: “The fact is, though, that Tesla may very well eventually be profitable. “'
I absolutely did not say that.
Look genius, "may very well be" is not a statement of certainty. Words have meaning. (I will note that I said "Tesla will pay its loan off ahead of schedule", which should also have been stated as a probability, not a guarantee. Mea culpa.)
"So are you habitually a liar or just intellectually dishonest to a fault?"
Sometimes I long for the good old days of duels. However, given that you're clearly not the sharpest tool in the shed I'll just let it slide...
Look genius, "may very well be" is not a statement of certainty.
The fact is, though, that Tesla may very well eventually be profitable.
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