Wonder where Nevada lame-duck Senator Harry Reid fits into all this cash being tossed around?
Between SolarCity, Tesla Motors Inc., and the rocket company SpaceX, Elon Musk’s interests has gotten at least $4.9 billion in taxpayer support over the past 10 years. Now, the Senate Finance Committee and the House Ways and Means Committee have launched a probe into the tax incentives paid to SolarCity, which is set to be purchased by Tesla.
In 2013, SolarCity received $127.4 million in federal grants. The following year, in which it received only $342,000 from the same stimulus package, total revenue was just $176 million and the company posted a net loss of $375 million.
As an aside, Musk’s cousins, Lyndon and Peter Rive operate SolarCity. With such shady goings-on between family members — a favorite Harry Reid feature — it isn’t hard to believe that the soon-to-be-gone Senator is somehow benefiting from the arrangement.