Tesla CEO Buys $17 Million Mansion Got $465 Million Govt

Tesla CEO Buys $17 Million Mansion; Got $465 Million Govt.
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http://www.breitbart.com/Big-Government/2012/12/28/Tesla-CEO-Buys...
TESLA CEO BUYS $17 MILLION MANSION; GOT $465 MILLION GOVT. LOAN
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by WYNTON HALL (/COLUMNISTS/WYNTON-HALL)
29 Dec 2012, 7:48 AM PDT
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Taxpayers footed the bill for a $465 million loan to troubled electric carmaker Tesla as part of President Barack Obamas green energy stimulus. But Teslas CEO Elon Musk is now riding high with the purchase of his new $17 million mansion (http://www.forbes.com/sites /hannahelliott/2012/12/28/tesla-and-spacex-foundermusk-buys-17-million-bel-air-mansion/).
Mr. Musks 20,248-square-foot hilltop mansion boasts (http://www.forbes.com/sites /hannahelliott/2012/12/28/tesla-and-spacex-founder-musk-buys-17-million-bel-airmansion/) 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. In September, the New York Times reported (http://dealbook.nytimes.com/2012/09 /25/questions-about-electric-cars-as-a-manufacturer-struggles/) that Tesla had burned through cash and missed production targets, raising questions about the long-term viability of the company and igniting criticism of the governments energy loan program, which has been heavily promoted by the Obama administration. But Tesla says it has begun making payments on its government loan ahead of schedule. Mr. Musk, who contributes to both Democrats and Republicans, donated (http://washingtonexaminer.com/carney-green-stimulus-profiteer-comes-underirs-scrutiny/article/2510619#.UN4rj6UudhM) over $100,000 to Mr. Obamas 2012 campaign. The Tesla Model S has a starting price of $57,000. Last quarter, Tesla produced just (http://www.usatoday.com/story/driveon/2012/10/03/tesla-model-s-energydepartment-loans/1611459/) 359 cars.
(http://www.breitbart.com /Big-Government/2012/12/28/WhatFiscal-Cliff-VP-Biden-Gov-t-WorkersGetting-Raises)
(http://www.breitbart.com /Big-Government/2012/12/28/TeslaCEO-Buys-17-Million-MansionGot-465-Million-Govt-Loan)
Exclusive: McConnell Calls Out Obama's Negotiation Charade (http://www.breitbart.com /Big-Government/2012/12 /27/Exclusive-McConnell-CallsOut-Obama-s-Negotiation-Charade)
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1 of 10
12/29/2012 1:06 PM
Tesla CEO Buys $17 Million Mansion; Got $465 Million Govt. Loan
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A_PEN
PARTY AT MUSKS !!!

A LIKE REPLY 3 minutes ago F
CHARLIEKEATS
Another green energy bust. I read this stuff and become physically ill. Most of us are keeping our heads above water and over, over, and over again we get screwed. All the employees getting bonuses from GM when the tax payers are losing money, the businesses that have gone belly up after millions and millions of tax payer money (Solindra and others) and now this business purchasing an over the hill home after receiving green energy stimulus. The Pres. sure does help out the fat cats and unions. Is it ever going to stop?
REALLYDM
It was a department of energy loan given to Musk and his company in 2009 from a program developed by the DOE under George W Bush, and the company has been paying its loans on time. They not only make the expensive vehicle described in the article, they also make batteries and powertrains for other electric and hybrid models of cars. They are doing fine. The ability to produce the Model S has been outstripped by the number of orders-they are producing at maximum capacity. Long term goal? Produce a similar vehicle for the general public at a much lower price. Anything you read on this site ought to be fact checked, since it is made for the ultimate angry response
DOOMDUMMY
Collusion, anyone? This cronyism is getting old. How is it legal for the government to break the law, but if a private sector tried this buying favors would be doing time behind bars? This hypocrisy is getting old.
JACKBOLLY
Crony Capiltalism - The only kind of business President Obama seems to have experience with.
A LIKE REPLY 33 minutes ago 2 Likes F
SNOOP8765
Another socialist preaching from his mansion. Thanks liberals!

A LIKE REPLY 1 hour ago 4 Likes F
FBAILEY
This is why Congress is not entitled to steal anymore of our money. They spend money like drunken soldiers on shore leave. Apparently (no, obviously) it is easier to take from us than to exercise even minimal restraint. They all should be thrown out of office.
2 of 10
12/29/2012 1:06 PM
JUSTSAYNOTOSOCIALISM
After you have 'thrown them all out of office, then what?
A LIKE REPLY 34 minutes ago in reply to fbailey F
OBAMALINSKY
Don't defame drunken sailors (soldiers) by comparing them to Congress. Congress is worse by 16 trillion times.
A LIKE REPLY 1 hour ago in reply to fbailey 1 Like F
MICHIGAN1209
16 trillion is far short of the fact. CONGRESS is 365 trillion times worse than anything that was ever determined to be bad. These 535 air heads, anti American fools who are now stinking up DC should be frog marched out of their luxury offices, stripped of their lifetime pay and many if not all put in prison for being anti American. But that is just me and about 43 million other Americans who are tired of the lies, the abuse, the cheating, the stealing and the gloating by these folks such as Schumer, Johnson, Durbin, Obama and well you know the names.
A LIKE REPLY 41 minutes ago in reply to Obamalinsky 1 Like F
KITMAN3
and yet we the tax payers are forced to kick in a government subside for these feel good cars for the wealthy!
REALLYDM
It isn't a subsidy, those go to the oil and gas companies, this is an interest-bearing loan. It will actually be good for the government and the citizens of the US
A LIKE REPLY 9 minutes ago in reply to kitman3 F
PUTUPJOB
Don't expect to be hearing any more about this except for right here.
SNAPPERCAT
Government loans should be accompanied by an obvious cap (of maybe $500,000) on compensation for employees.
A LIKE REPLY 1 hour ago 1 Like F
MYVIEWPOINT
Obama the White House and Washington giving YOU'RE MONEY away by the bucket full. Nearly half a billion dollars thrown away to the wind by Obama, and he wants to give speeches about how he's interested in the nation's budget deficit, and wants to eliminate the debt ceiling altogether, are you people who accept this behavior ever crazy. The people of the United States Americans one and all, are severely in need of a lot of help.
KATTH
His personal money is his to use as he chooses so he can spend it on a great house if he wants to. The title of this article seems misleading and borders on petty.
A LIKE REPLY 1 hour ago 1 Like F
PATRIOTMISSILE
Petty? Are you stupid? This spoiled brat billionaire bags half a BILLION of our dollars and then yucks it up in the mansion while America burns in a $16 trillion fiscal inferno...and it's "petty" to point out the crony capitalist crooks like this idiot? If Tesla's so great, why didn't a guy worth $2 billion just stroke himself a $465 million check from his
3 of 10
12/29/2012 1:06 PM
own bank account instead of leeching off we the people?

A LIKE REPLY 34 minutes ago in reply to KattH 1 Like F
KJINWTEXAS
Sounds to me like it was OUR money he used to buy that house...$17 million isn't petty to me.
A LIKE REPLY 37 minutes ago in reply to KattH F
TODDRLOCKWOOD
It's worth noting that Tesla's Department of Energy loan was initiated under the Bush administration, not under Obama's stimulus plan. GM and Chrysler applied for similar loans but were turned down because of their poor financial condition at the time. The NY Times assessment is three months out of date. Tesla recently went cash flow positive and has already presold most of its 2013 production of 20,000 Model S vehicles. They are also actively developing new markets in Europe and Asia. As for Elon Musk's new home, he is principal owner of two other successful companies: SpaceX and Solarcity. How he spends his own money has no bearing on Tesla's corporate debts -- he's a Tesla shareholder, not an owner.
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REALLYDM
Thanks, person with the ability to actually look these things up. I just posted some similar information.
A LIKE REPLY 8 minutes ago in reply to ToddRLockwood F
OK, let's assume your first statement is true. If that is the case, when Tesla is profitable and making a quality product, will Obama be the first to give George Bush credit in public for having the foresight to support this venture? Oh, I didn't think so...
A LIKE REPLY 36 minutes ago in reply to ToddRLockwood F
WEST GEO
I would point out that all shareholders in public companies are owners. If it is not a public company, then he must be a partner and therefore owner, as well. Anyway, he went after the high-end performance/prestige segment of the EV market and it looks like that might work out. As far as loaning him money, he is a far better risk than the bevy of failed solar companies that defaulted on their loans. I think we can expect his loan to actually be repaid. SpaceX is especially successful and if plans work out, will be even more so in the future. And, buying a home right now is a winning strategy. With the other California millionaires abandoning the state, this is probably a low point for upscale housing. Shame, too. I was hoping he would move the SpaceX factory to Texas where he already has a proving grounds where each rocket engine is tested near Waco and is considering a launch site near Brownsville. I can only hope he bought that house only as an investment. Having said all that, I think it was a bad move on Musk's part to accept government loans. He could have raised capital in several other ways, and you can bet that the aparatchiks in the bho admin will come calling for favors at some point.
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MICHIGAN1209
Why is that worth noting ? The current socialist administration is the one handing out our cash!
A LIKE REPLY 47 minutes ago in reply to ToddRLockwood 1 Like F
4 of 10
12/29/2012 1:06 PM
PATRIOTMISSILE
Thanks for reminding us about the Solar City Obama Boondoggle as well! http://www.breitbart.com/Big-G... You're making Musk look even WORSE! It's Obama cronies like him that are destroying REAL capitalism and free markets. Oh, and that crap about SpaceX being so great, real conservatives know better: http://www.breitbart.com/Big-G... Doh! Try again, Tesla PR scrub.
A LIKE REPLY 1 hour ago in reply to ToddRLockwood 3 Likes F
BRUCE BOELTER
So 1. The DOE (government) is lousy at picking companies to invest in. 2. The NYT takes the word of Tesla's PR firm and publishes it as "fact". 3. Which of those so=called "successful" companies made it without taxpayer subsidies????
A LIKE REPLY 1 hour ago in reply to ToddRLockwood 2 Likes F
WEST GEO
I have been following SpaceX for years, now. They have performance-based contracts with NASA, the Military and private firms. That is, they get paid when the satellites get to orbit or the cargo gets to the ISS. There were intermediate benchmarks too, but none of that could legitimately be called "subsidies". Musk and his partners invested billions of their own money and did not depend on the feds like those solar companies. To me it seems that bho actually screwed up and made a good loan, just this once. But again, if I were Musk I would have turned it down.
A LIKE REPLY 32 minutes ago in reply to Bruce Boelter F
PATRIOTMISSILE
More cronyism destroying REAL capitalism and free markets. Read the reality of SpaceX: Solyndra In Space. http://www.breitbart.com/Big-G...
A LIKE 29 minutes ago in reply to West Geo F
JEANIE6
Anyone Bam approves of can hop right on that gravy train. We, on the other hand,get to watch it ride through the station.
A LIKE REPLY 2 hours ago 2 Likes F
LADYMACKELTAR
As founder of SpaceX, co -founder of PayPal and Tesla, why couldn't this billionaire invest some of his own money in the company instead of getting a loan on the back of taxpayers?
TODDRLOCKWOOD
Elon Musk already has many millions invested in Tesla. The company intends to pay back it's DOE loan earlier than required.
A LIKE REPLY 1 hour ago in reply to LadyMacKeltar 2 Likes F
CHAUCER123
How dense are you? Obama said the GM bailout wouldn't cost taxpayers a penny. Now we learn we're losing $10 to $12 BILLION on the crony giveaway to his union thug buddies. And if it's so great a company, why isn't Elon Musk stroking the check for the full freight instead of sucking us taxpayers dry for the cash? What, he can't raise the private equity himself? Gee, then maybe selling overpriced electric car crap isn't such a wise "investment" for taxpayers. So SICK of this cronyism eating away at capitalism like a cancer.
5 of 10
12/29/2012 1:06 PM
13 LIKE in reply A minutes ago REPLY to ToddRLockwood
MICHIGAN1209
Yeah right ! Just like GM (the new GM ?) has allegedly done? NOT !
A LIKE REPLY 48 minutes ago in reply to ToddRLockwood 3 Likes F
DEREKWILSON
He ain't that stupid...

A LIKE REPLY 3 hours ago in reply to LadyMacKeltar 7 Likes F
ELVISWASAHERO2MOST
Yet again a misleading article. Question: if Musk was not CEO of Tesla, would he have enough money to buy a mansion? I think he would. But that's beside the point, most of you seem more upset at the fact that the government made an investment in this company. Well, where was all the outrage for bank bailouts? How about the subsidies the financial industry receives? Oil company subsidies? Utility companies, telecommunication, defense industry, they all get some kind of government subsidy. The difference with Tesla, this is an investment in the future. Electric cars will help the nation wein itself off of fossil fuels and become more energy independent. Plus, Tesla is doing well, they just won 2013 Motor Trend car of the year. http://www.motortrend.com/ofth...
Yep. We have GEORGE BUSH to thank for that visionary initiative that Barry will no doubt try to claim as his own...
A LIKE REPLY 29 minutes ago in reply to ElvisWasAHero2Most F
JERRY CZERKASIJ
Your assuming there wasn't opposition to the other bailouts......there was and still is.
A LIKE REPLY 51 minutes ago in reply to ElvisWasAHero2Most 4 Likes F
STANDFORLIBERTY
Where do we get cheapest/most efficient electricity?: Coal. Ooops! Soetoro shut down coal mines-put whole towns (in Pennsylvania/Ohio/WestVirginia) out of business...ruined American's lives (coal mining industry/electric)...just HOW does he propose to "replace this loss"? Wind? Chopping up birds/butterflies? Where to place these monstrosities ? The wealthy don't want windmills near them; and those poor unfortunate that get "stuck" with windmills have to listen NON-STOP to the blades....and the strobe effects during the daylight hours are also damaging. Do your research regarding Wind energy. Those large propellers are damaging, but the Communist News Network spouting the Soetoro/Soros drivel will never share the truth. Electric cars - now the "Charge" costs through the nose - Soetoro's campaign promise in 2008 was the "Electricity costs are going to rise"......if you have noticed your electric bill, it has. Investing in the future is one thing....pay to play...Chicago style-buying/rewarding crony (capitalists) is not only wrong, but totally hypocritical on Soetoro's part....and ruins future for many by singling out "favorites"...paying them grandly. The only thing transparently apparent in this Administration is how totally corrupt and nefarious Soetoro and his minions have been------with OUR money. Our children and grandchildren will be yoked to slavery in debt far into the future. STOP THE SPENDING!!!!!!
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REALLYDM
Coal is going out of business because it is inefficient, dirty, and not in demand. Obama has nothing to do with it. But you can blame him if you want, coal is an old, tired technology that is wreaking havoc with the environment, and people are aware of it.
A LIKE REPLY 4 minutes ago in reply to StandforLiberty F
If you are going to quote the dear leader, at least do it accurately - Barry said electricity rates
6 of 10
12/29/2012 1:06 PM
"would necessarily SKYROCKET".

A LIKE REPLY 31 minutes ago in reply to StandforLiberty 2 Likes F
PATRIOTMISSILE
Ha! Tesla's PR department has discovered Breitbart News. Obviously you have no clue what you're talking about; true conservatives railed against the bank bailouts and still do. Same for Obama's pals with the big banks. Might want to actually READ Breitbart before commenting. Shoddy PR work, Tesla.
A LIKE REPLY 1 hour ago in reply to ElvisWasAHero2Most 3 Likes F
THREETOEDBEARKILLER
I believe you are another obamacrat that you can't stand seeing obamas' corruption being exposed
WOHLFMAN
And just how are those "green" investments doing? http://newsbusters.org/blogs/m... It is the governments job to pick winners and losers. If you are so concerned about the US becoming energy independent then you should be for more drilling right and other means of oil extraction. Winnin a title from a magazine in no way measures the success of a company. This is the same vehicle that died during a Consumer Report test drive http://www.nbcnews.com/busines...
TODDRLOCKWOOD
You're a bit confused. The electric car that died was a Fisker Karma, which is a plug-in hybrid. Consumer Reports LOVED the Tesla Model S. The DOE loan program was not designed to make money for the government -- its purpose was to help companies develop new technologies and bring them to market. You may feel differently about oil in ten years, when a fill-up costs $150 -- while your neighbor charges their EV for $15 to go the same distance. Don't assume that a healthy domestic oil supply will mean lower gasoline prices.
A LIKE
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1 hour ago
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GASPAR
After four more years of obama and the new Supreme Court justices he names, the only people with jobs and the money to own any car will be government workers and the power elite. Thirty years from now, autos will serve as places to live or grow your peas in. And people will vaguely remember when they had "electricity on demand".
A LIKE 1 hour ago in reply to ToddRLockwood 4 Likes F
ELVISWASAHERO2MOST
Well the government does have a vested interest in the success of alternative energy sourced companies, so to me it makes sense they receive some government funds. Aren't we always complaining about energy independence and climate change from the right and left respectively? American made electric cars will kill those two birds with one stone. The problem with oil is that it's a finite resource.
A LIKE REPLY 1 hour ago in reply to wohlfman 2 Likes F
DEREKWILSON
And with a Motor Trend Car of the year trophy and $5 you can buy a latte at Starbucks...
A LIKE REPLY 2 hours ago in reply to ElvisWasAHero2Most 6 Likes F
7 of 10
12/29/2012 1:06 PM
MICHIGAN1209
Does that price include tax ?

A LIKE REPLY 50 minutes ago in reply to derekwilson 1 Like F
ELVISWASAHERO2MOST
Motor Trend isn't a reliable judge of automobile performance? Then who?

A LIKE REPLY 2 hours ago in reply to derekwilson 1 Like F
PATRIOTMISSILE
You're joking, right? Everyone knows car magazines name "awards" to the car companies that buy the most advertising from them. It's a total sham. That's why you almost NEVER see an "F" rating on a car. Only truly independent car reviews mean anything. How dumb do you think people are?
A LIKE 37 minutes ago in reply to ElvisWasAHero2Most 2 Likes F
COMMONER
As I said "respected by some. " You have not changed my opinion of their suspect judgement. Lets agree to disagree.
A LIKE 1 hour ago in reply to ElvisWasAHero2Most 3 Likes F
COMMONER
The point is a lot of factors go into judging car performance the least of which is Motor Trend tho it may be respected by some.
A LIKE 2 hours ago in reply to ElvisWasAHero2Most 5 Likes F
ELVISWASAHERO2MOST
What goes into judging car performance? Design? Efficiency? Value? Safety? Motor Trend looks at all that, their decision is justified, not arbitrary.
A LIKE 1 hour ago in reply to commoner 1 Like F
COMMONER
Car Sales!
A LIKE
2 hours ago
in reply to ElvisWasAHero2Most
8 Likes
ELVISWASAHERO2MOST
Price, advertising, convenience, all that correlates with sales. I'm pretty sure the most sold watch is a Casio, does that mean it is a finer product than a Rolex?
A LIKE 2 hours ago in reply to commoner 4 Likes F
DEREKWILSON
wean
A LIKE REPLY 3 hours ago in reply to ElvisWasAHero2Most 2 Likes F
ELVISWASAHERO2MOST
Lol thanks.... uhhh oh, misspelled wean, therefore my point is disqualified, haha
A LIKE REPLY 2 hours ago in reply to derekwilson F
GIATNY
Musk is a billionaire totally unrelated to loans for Tesla. It's no surprise that another of the Chu/Obama "investments" failed but the implication that Musk is using government funds for his personal acquisitions is quite silly.
CHAUCER123
8 of 10
12/29/2012 1:06 PM
Who said that? No one. The point is if billionaire Musk thinks his crappy electric gizmos are so great, then why are We The People having to foot the bill for them to the tune of $465 million? Just more lefty cronyism destroying free markets. Nothing to see here. Everyone move along.
A LIKE REPLY 8 minutes ago in reply to giatny 1 Like F
No. What's 'silly' is your dear leader trying to take credit for a GEORGE BUSH initiative.
A LIKE REPLY 27 minutes ago in reply to giatny F
DEREKWILSON
I re-read the article. I see nowhere that it says he used the government loan to purchase the house. I believe the point was "why didn't he invest" in the company. Why take a government loan? If he is so incredibly weathly, use some of his own money. He would gain that much more wealth, if the company succeeded.
A LIKE REPLY 2 hours ago in reply to giatny 14 Likes F
SB36695
But "investing in Obama" is so much more profitable! The problem going "FORWARD!" is that I'm closing my business, so they won't have my money to "loan".
A LIKE REPLY 45 minutes ago in reply to derekwilson 2 Likes F
ANTONIOANGELO21
absolutely right on, i am not for gov't subsidies but the money government loaned this guy isnt going into his house. This is just Gotcha journalism.
A LIKE REPLY 3 hours ago in reply to giatny 1 Like F
CHAUCER123
Clearly you're stupid. First, Space X is "Solyndra In Space": http://www.breitbart.com/Big-G... Second, if he's got plenty of cash to burn, why the HELL are we taxpayers footing the bill for his stupid crappy electric cars that only his Lear Jet Liberal pals can afford?
A LIKE REPLY 17 minutes ago in reply to AntonioAngelo21 2 Likes F
TAOIST
Agreed. And his work with SpaceX is extraordinary.

A LIKE REPLY 3 hours ago in reply to giatny 1 Like F
RUFUS
It gets better. SpaceX is set to compete against Boeing and Lockmart for EELV launches. Which means his new lower cost boosters will undercut their price and save the taxpayer far more money in the long run than the Tesla loan even if it were totally wasted. Oh, and 17 million for a billionaire's house is chump change. The Astors and Vanderbilts mansions would cost well over 100 million today.
A LIKE REPLY 18 minutes ago in reply to Taoist F
STANH
Is this a great country or what?

COMMONER
Should the worst happen to the economy after the 1st we may find his mansion on a short sale list. Car not a rousing success now.
9 of 10
12/29/2012 1:06 PM
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Tesla CEO Buys $17 Million Mansion Got $465 Million Govt

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Tesla CEO Buys $17 Million Mansion; Got $465 Million Govt.

by WYNTON HALL (/COLUMNISTS/WYNTON-HALL)

29 Dec 2012, 7:48 AM PDT

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PARTY AT MUSKS !!!

Another socialist preaching from his mansion. Thanks liberals!

own bank account instead of leeching off we the people?

13 LIKE in reply A minutes ago REPLY to ToddRLockwood

He ain't that stupid...

"would necessarily SKYROCKET".

Does that price include tax ?

Motor Trend isn't a reliable judge of automobile performance? Then who?

Agreed. And his work with SpaceX is extraordinary.

Is this a great country or what?

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