The billionaire has received loans and tax breaks to help keep Tesla afloat, now he says other companies should go bankrupt for the good of the economy
to a question from a Twitter user. “It has been raining money on fools for too long. Some bankruptcies need to happen.
It’s tough talk from a man said to be worth north of $218bn, more than anyone in the world. And it conveniently overlooks the considerable handouts Musk himself took in the process of growing his net worth after plunking down $6.5m for a majority stake in Tesla in 2004. How did Musk weather the economic storms and rude awakenings thereafter?
Musk, who’s quick to note that Tesla paid that loan back early, moves those cars with help from considerable tax breaks for electric vehicles. And he further takes advantage of his cars’ absence of tailpipe emissions Musk also claimed on Twitter that a recession would be good because “companies that are inherently negative cash flow need to die, so that they stop consuming resources”. From 2010 to 2018, Tesla raised $20bn in capital while producing a negative cash flow of $9bn; 2021 was the company’s first full year of profitability.
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