Curiously both Tesla and SpaceX benefit enormously from government spending[1] to the tune of almost $5Bn of taxpayer money. And then Tesla paid zero income tax last year[2] and none in 2021 either[3]. And now Musk is taking the position that the government spends too much taxpayer's money and needs to be torn down.
Musk also did very well by plainly lying (which I would call market manipulation) about Tesla products; the Cybertruck video where Musk claimed it was faster than a Porsche while towing a Porsche was a lie[4]. A 2016 video demonstrating self-driving was faked[5]. Musk's statements about what the Tesla Semi can do were not just generous marketing, they are impossible[6], claiming 500 miles range and PepsiCo reports they can't even carry a load of Lay's potato chips for 500 miles and on heavier loads they can only travel 100 miles. Faked self parking videos, faked SolarCity videos, faked Optimus humanoid robot videos, faked CyberTruck towing an F150 video[7]. The Optimus robots at the October 2024 event were remote controled and remote-voiced by humans[8]. They walk like Honda Asimo robots walked 25 years ago but they're being spun like they are Boston Dynamics killers. Musk's talk of tentacle arms to recharge Teslas never turned into anything (though BYD in China has had public automated electric-car battery-swap stations for years now). Musk's talk of full self driving first promised, what, 2017? turned out to be misleading with cars not even having the hardware to do a good job of it. Musk's early plans for completely automated Model 3 factory faded very quickly with them reverting to humans in marquees.
Yes Musk has done pretty well with investors letting him get away with a lot of broken promises and taxpayers letting him get away with a lot of subsidies and customers letting him get away with a lot of shoddy products. Lucky for him the Tesla engineers were competent true believers(tm) and delivered decent Model 3 and Model Y but that should only give them a similar valuation to other car companies, shouldn't it?
[1] https://www.latimes.com/business/la-fi-hy-musk-subsidies-201...
[2] https://itep.org/tesla-reported-zero-federal-income-tax-in-2...
[3] https://edition.cnn.com/2022/02/10/investing/elon-musk-tesla...
[4] https://www.insidehook.com/autos/no-one-exposes-elon-musk-li...
[5] https://www.businessinsider.com/tesla-faked-video-in-2016-pr...
[6] https://www.autoevolution.com/news/tesla-semi-gets-debunked-...
[7] https://dawnproject.com/teslas-history-of-faking-demonstrati...
[8] https://www.theverge.com/2024/10/13/24269131/tesla-optimus-r...