Business News

How government policies and taxpayer money have helped Elon Musk and Tesla

Elon Musk's companies have propelled his net worth to almost $20 billion.

But how have government policies and taxpayer money boosted his businesses?

From subsidies at the national and state level, to federal tax credits for consumers buying electric cars and solar panels, to fuel efficiency standards that help bring millions in revenue for Tesla and vital government contracts for SpaceX (won in a competitive bidding process), his major companies have gotten significant government support in different forms.

Tesla says the company "has succeeded in spite of government subsidies, not because of them" and pointed to competitors receiving more support.

While Elon Musk is not alone in going after government dollars, he certainly has gotten some support in his rise to stardom.

Watch the video above to learn more.

Lora Kolodny contributed to this report and video.

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