Billions for Billionaire: EU Funds Pour Into Elon Musk's Companies Amid Controversy
- 💡 Tech tycoon Elon Musk's companies, including Tesla, SpaceX, and X, have raked in millions from EU funds. But is this a smart investment amidst political scuffles and regulatory snags?
European Union funds generate significant profits for Musk. - Musk, a friend of Trump, pockets millions from EU financial aid
The controversial businessman Elon Musk doesn't seem to miss a beat as his companies snag millions from the European Union (EU). A scathing letter from the EU Commission to German MEP Daniel Freund (Greens) reveals that a Tesla subsidiary has pocketed an astonishing €159 million from the "Connecting Europe" funding program for electric car charging infrastructure construction.
Meanwhile, SpaceX has raked up approximately €177 million ($197 million) for launching satellites for the European Galileo satellite navigation system using Falcon 9 carrier rockets[1][2]. And let's not forget about €630,000 paid for promotions on the platform X, as per documents obtained by the German Press Agency, until 2023.[1][2]
Green MEP Freund is calling for an immediate halt to these subsidies for companies affiliated with the billionaire Musk. As Freund argues, "This man is a sworn enemy of the EU and our core values. It's unacceptable that we're still shelling out hundreds of millions to the richest man on the planet while he thumbs his nose at us."[1]
Musk’s Mixed Bag in the EU
Musk's EU endeavors have sparked controversy, from his ties to U.S. President Donald Trump to his backing of Germany's far-right party the AfD[3]. Additionally, X, one of Musk's ventures, is under investigation for potential violations of EU guidelines for digital services—including alleged failure to curb hate speech and disinformation.[1][3]
According to the EU Commission's letter to Freund, X hasn't utilized paid services since October 2023, and the two rocket launches- each with two Galileo satellites- were exceptions due to delays in the rollout of the European carrier rocket Ariane 6[1][2]. However, it's unclear if this list is exhaustive, or if there are more adolescent players pocketing EU funds[3]. The letter also hints at the public financial transparency system (FTS), revealing that information for the 2024 fiscal year will be made available in June 2025[1].
The European Commission refused to comment further on the matter but has pledged a thorough review of the financial data in the upcoming weeks[3]. Nonetheless, the question lingers in the air: should the EU continue financing companies antithetical to its core values?
- Despite controversy surrounding Elon Musk's political stances and corporate practices, his companies have amassed significant funding from EU programs such as "Connecting Europe" and industry-related initiatives.
- The EU Commission's financial transparency system may reveal additional EU investments in companies affiliated with Elon Musk in the coming year, raising questions about the alignment of these investments with EU values.
