![\"Elon](\"https:\/\/wordpress-assets.futurism.com\/2025\/04\/elon-musk-shutting-down-tesla-doe-loans.jpg\")
<\/div>Billionaire and Tesla CEO Elon Musk's businesses have greatly relied on government funds, rescuing<\/a> them from certain doom on several occasions.<\/p> A prominent example was in early 2010, when Tesla received a $465 million loan<\/a> through the Department of Energy's Loan Programs Office that allowed it to establish crucial supply lines for its Model S production and buy the Fremont factory in California<\/a> from a bankrupt Toyota and General Motors venture.<\/p> It was a massive, taxpayer-funded lifeline that came at an extremely important time for Musk's EV maker.<\/p> But over 15 years later, in a staggering irony, Jalopnik<\/em> reports<\/a> that the billionaire's Department of Government Efficiency has shut down the same DOE's Loan Programs Office that once allowed Tesla to flourish.<\/p> It's a textbook example of Musk's hypocrisy, as he yanks the ladder up behind him, securing his own bottom line at the expense of those who follow. Other EV makers, including Rivian<\/a>, have also benefited greatly from DOE funding that could soon run dry.<\/p> At the same time, Musk may be squandering the enormous opportunity the DoE gifted his carmaker over a decade ago. Earlier this month, Tesla revealed<\/a> that its net income had plummeted by an astonishing 71 percent, in large part the result of the CEO's seemingly relentless efforts<\/a> to tank the company's brand<\/a> and reputation.<\/p> Musk's DOGE has dealt the DOE a devastating blow. More than 1,200 employees have taken up the so-called department on its \"deferred resignation program,\" as Latitude Media<\/em> reported<\/a> earlier this month.<\/p> The Loan Programs Office, which grew substantially under president Joe Biden, has seen half of its staff walk, undermining the operations of current loan recipients, including a nuclear plant<\/a> and sustainable aviation fuel<\/a> project. Companies Kore Power and Freyr Battery also scrapped plans<\/a> for their plans to expand into the battery manufacturing space after DOGE froze their loans.<\/p> Musk's space company SpaceX has also historically relied on major federal contracts to stay afloat. The firm was built on $38 billion in government contracts, loans, subsidies, and tax credits over the last 20 years, as the Washington Post<\/em> reported<\/a> in February.<\/p> And SpaceX is likely to continue to be awarded billion-dollar contracts, from rural broadband initiatives<\/a> to major rocket launch services for NASA<\/a>.<\/p> In short, Musk is making it clearer than ever before exactly who he is: a greedy, self-interested profiteer who wants privileges he's actively cutting for others.<\/p> More on DOGE:<\/strong> Trump Admin Cancels Programs to Protect Children From Toxic Chemicals<\/a><\/em><\/p> The post Elon Musk Is Shutting Down the Part of the Government That Helped Him Save Tesla<\/a> appeared first on Futurism<\/a>.<\/p> Originally posted here: Billionaire and Tesla CEO Elon Musk's businesses have greatly relied on government funds, rescuing them from certain doom on several occasions. A prominent example was in early 2010, when Tesla received a $465 million loan through the Department of Energy's Loan Programs Office\u00a0that allowed it to establish crucial supply lines for its Model S production and buy the Fremont factory in California from a bankrupt Toyota and General Motors venture. Continue reading
Elon Musk Is Shutting Down the Part of the Government That Helped Him Save Tesla<\/a><\/p>","protected":false},"excerpt":{"rendered":"