Saturday, December 29, 2012

PHOTOS: The $17M mansion the founder of an electric car maker bought after getting $465M in federal green energy loans

Let me guess: he's doing it for the children. His children, that is.

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.

Here's a photo of the exterior of Musk's home in Bel Air, a 20,000-square foot palace equipped with wine cellar, tennis court, and pool.

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.

In September, The New York Times reported 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 government’s energy loan program, which has been heavily promoted by the Obama administration..."

Reportedly you can see the ocean from the terrace.

Coincidentally I'm sure, Musk donated over $100,000 to the Obama 2012 campaign.

And Tesla produced a grand total of 359 cars last quarter.

I've said it before and I'll say it again: when the complete history of the Obama administration is written, it will make the Teapot Dome look like a case of shoplifting.

Never have so few stolen so much from so many.

Hat tips: Sad Hill News and Lee.


Anonymous said...

Musk was the co-founder of Paypal and founder of Space-X, and Chair of the other greenwashing company, SolarCity (which merits a heckuva lot more attention than Tesla. While Tesla took a qualified loan, the loan to that company has little if anything to do with his staggering personal wealth. If anything, I'd tip my hat to someone who was offered an opportunity, took it, and has a very good track record of turning a profit, meeting a payroll, etc.

This seems like a cheap shot on Musk, who could buy dozens of 17M homes and who is nearly single handedly revitalizing the US space program in the private realm. He's a Dem that Republicans should be reaching out to cooperate with, not demonize at any cost.

Anonymous said...

"If anything, I'd tip my hat to someone who was offered an opportunity, took it, and has a very good track record of turning a profit, meeting a payroll, etc."

You can't take taxpayer money, proceed to 'invest' in inefficient, wasteful tech and claim you've done anything other than lose taxpayer money.

He is another in a long line of rent-seeking, fair-weather capitalists who deserve nothing but scorn.

directorblue said...

@Anon #1 - Musk is the epitome of a crony capitalist.


Not to mention other projects...

Anonymous said...

He was already extremely wealthy. I don't think it helps the good guys to focus on a mansion he bought with his own money. The focus should be on why his company, Tesla, got the money to begin with. I don't blame anyone for not sinking their personal fortune into their company but I do blame folks for milking taxpayers for a bailout if the company is failing.

As for the "real history" of the Obama administration: At the rate things are going, there will never be " real history" in this country again.

K-Bob said...

Musk may have had enough money to buy that mansion beforehand, but it's undeniable that we tolerate far too much taxpayer money flowing into Democrat coffers. (Yeah, if it were Republicans, I'd be just as angry, and I'm sure some examples may exist... but Republicans are out of power, and the Dems are riding hard on this corruption to heights never before seen in history).

As I wrote elsewhere: Richard Nixon joined in a coverup of an unlawful, clumsy break-in to a Democrat party office. That coverup disgraced the Presidency so he retired from office. Barack Obama calls that kind of lawbreaking by his administration, "Tuesday."

Anonymous said...

Taking money from the government in and of itself is not cronyism, nor wrong (how many Republicans out there trumpet the success of businesses built on shaky SBA 7a loans??) It is only wrong when the numbers are wrong to begin with and the circumstances of the loan are fraudulent. So far, no one seems to show that Tesla obtained their loan under fraudulent circumstances. Show that at the table call, and I'll start paying attention. Otherwise, take just about any SBA loan and then track failure rates and the "cronies" behind them and you'll uncover the fraud of both parties.

The MUSEMan said...

I always tell people "Never leave money on the table, especially if it's free."

While I'm quite sure a man worth $2 BILLION is fully capable of buying his own home, I don't blame him for trying to feed at the subsidy trough - even if he had to "invest" a little money to get it (BTW: He also gave $73K to Republicans, so easy with the rhetoric).

Rather, I blame a government that believes they can invest money better or more effectively than the free market, doesn't properly vet potential loan recipients for soundness, and doesn't put adequate safeguards against graft, corruption, and cronyism - which, sadly, is blame I can ascribe to both political parties (although Obama has elevated it to an obscene level).

Thanks for reading!