Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk hit back against criticism from Texas Democratic Party Senate Candidate James Talarico, saying the taxes Musk paid in Texas exceed Tesla’s Department of Energy (DOE) loan.
Paid ‘Far More’ in Taxes, Says Elon Musk
In a post on the social media platform X on Monday, user Natalie F Danelishen defended Musk against critics who question the role of taxpayer dollars in Musk’s businesses. Musk responded to Danelishen, sharing his take on the criticism. “I have paid far more in taxes than the Tesla loan, which was repaid,” the billionaire said.
Tesla received a $465 million federal loan in 2010 to support manufacturing of electric vehicles and related components. The company repaid the loan in full, with interest, in 2013, nine years ahead of schedule.
Musk also moved the headquarters of his businesses, like Tesla and Space Exploration Technologies Corp. (NASDAQ:SPCX), to Texas at the beginning of the 2020s when Tesla moved to Austin from California.
Musk has been involved in right-wing politics for some time, bankrolling President Donald Trump‘s campaign in the buildup to the 2024 Presidential Election.
The billionaire also briefly served as a senior adviser to President Donald Trump and led the administration’s Department of Government Efficiency (DOGE) effort, which sought to reduce federal spending and restructure government operations.
James Talarico Outlines Taxpayer Role
Talarico, during an appearance on The Diary of a CEO podcast, questioned the role of taxpayers in Musk’s enterprises. “Tesla was successful because of taxpayer dollars. Tesla got investment from the federal government, which is why it has been so successful,” Talarico said.
“Most of our billionaires went to schools that we funded; they drove on highways that we funded,” he said, adding that the billionaires should “give back” to the country that made them successful.
SpaceX has secured billions of dollars in contracts since Trump’s second term at the White House. The commercial spaceflight company secured a $1.6 billion contract with the U.S. Space Force in July this year, as well as a $946 million contract with NASA through 2030 in September this year.
Elon Musk Vs. James Talarico
Musk, on the other hand, has been a vocal critic of Talarico, taking to X to express his criticism of the Democratic Party Senate Candidate on several occasions. “There is something deeply wrong with Talarico,” Musk said in a post.
In a separate post, Musk also called Talarico a “far left extremist” and said that he would “abolish democracy” in the U.S. and appoint a one-party system of governance in another post.
Instead, the billionaire has chosen to back Talarico’s opposing candidate from the GOP, Ken Paxton, who, in the past, served as Texas’s Attorney General.
Musk reportedly donated close to $158 million to political action groups aligned with Paxton in the run-up to the midterm elections set to take place on Tuesday.
On the other hand, Talarico, addressing a rally late last month, said that “Elon Musk is trying to buy this Senate seat in Texas,” adding that Musk was “singlehandedly” backing Paxton’s bid for the Senate.
Talarico also said during the rally that Musk wanted to have his “very own” Senator, but that the billionaire will receive a “crystal-clear” message on November 3rd that “Texas is not for sale.”
Price Action: TSLA declined 0.36% to $402.36 during pre-market trading on Tuesday. On the other hand, SPCX gained 1.14% to $137.93 during pre-market trading.
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