Tesla CEO Buys $17 Million Mansion; Got $465 Million Govt. Loan
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.
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.” But Tesla says it has begun making payments on its government loan ahead of schedule.
Mr. Musk, who contributes to both Democrats and Republicans, donated over $100,000 to Mr. Obama’s 2012 campaign.
The Tesla Model S has a starting price of $57,000. Last quarter, Tesla produced just 359 cars.