Musk rejects reports attributing his success to govt aid:’US govt’s incentives to SpaceX, Tesla actually helped competitors’, says trillionaire

Tesla and SpaceX CEO Elon Musk has completely rejected the claims that his success is due to government assistance. Musk intervened in an ongoing debate among American senators on social media platform X, dismissing a recent article as completely false. Musk says that the government assistance or subsidies received by the companies is not even 2% of the total value of SpaceX and Tesla. He claimed that when Donald Trump stopped the subsidies for electric vehicles (EV), Tesla’s sales increased rather than decreased. 4 days ago, Elon Musk became the world’s first trillionaire. Musk said – The article is completely false Elon Musk wrote on X, ‘The article is completely false. You can add up every government incentive my companies have received so far, they are less than 2% of the total value of SpaceX and Tesla. In fact, many of these incentives have benefited our competitors much more than us.’ When Tax Credit Was Removed, Tesla’s Sales Increased Elon Musk also gave an example to prove his point. He claimed that when President Donald Trump removed the $7,500 federal tax credit available for electric vehicles (EV). At that time, instead of decreasing, Tesla’s sales had increased. This happened because buyers quickly shifted towards Tesla, leaving other EV makers, which helped us increase our market share. Controversy Started from Debate Between Two American Senators Senator Mike Lee defended Elon Musk In response to Ed Markey’s taunt, Senator Mike Lee replied again and defended Elon Musk. Lee wrote that the fact is that Congress (American Parliament) has subsidized many things, which I have always strongly opposed. However, despite this, Elon’s money does not become yours or the government’s. This debate between both senators went viral rapidly on social media, after which Musk himself had to come forward to clarify on this. Opinions Divided Over Criticism and Support There are two types of opinions in the market regarding Elon Musk’s companies. Critics argue that companies like Tesla and SpaceX took full advantage of government tax credits, grants, and other incentives during their early growth days. On the other hand, Musk’s supporters say that all these government programs were open to all companies in the industry. In such a case, taking advantage of government schemes does not diminish the importance of these companies’ successes and achievements. What are Incentives and Tax Credits? A small box explaining how the American government provides tax credits (such as $7500 rebates) and grants to companies and customers to promote the EV and space sectors, and how these prove to be game changers in the early days of companies. Elon Musk becomes the world’s first trillionaire 4 days ago, the richest businessman, Elon Musk became the world’s first trillionaire. His net worth has crossed ₹95 lakh crore. This record surge in Musk’s wealth came after the IPO listing of his rocket company, SpaceX. On Friday, June 12, trading of SpaceX shares on the American stock exchange Nasdaq started at $150 per share. According to Forbes, after the IPO listing, Musk’s total net worth increased to $1.1 trillion, which was $982 billion on Thursday. ​