In 2010, Elon Musk's Tesla received a $465 million loan from the Department of Energy to promote clean energy. By 2013, Tesla had fully repaid the loan with interest and a prepayment penalty, nine years ahead of schedule. Musk expressed gratitude in a note to the Department of Energy and Congress for their support. Currently, Musk is associated with budget cuts and potentially reducing his government involvement, marking a shift from borrower to fiscal conservator.
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00:00Elon Musk once borrowed nearly half a billion from the government, then paid it back early
00:05with interest and a thank you note.
00:07Back in 2010, Tesla got a $465 million loan from the Department of Energy to boost clean
00:13energy efforts.
00:15By 2013, nine years early, Tesla paid it back in full.
00:18When asked how much Tesla still owed taxpayers, he replied,
00:22We paid the whole loan back with interest and a prepayment penalty.
00:26No discount, no delay, just a check and a thank you note saying,
00:31I would like to thank the Department of Energy and the members of Congress and their staffs
00:36that worked hard to create the program and taxpayer from whom these funds originate.
00:41I hope we did you proud.
00:43Fast forward to now, Musk's name is tied to budget cuts and potentially stepping back
00:48from his government role.
00:50From borrower to belt tightener, he's played every role on the public funding field.