Federal Bailouts for Startups?
November 30, 2008
Starting next week I will focus 100% of my writing on positive things happening in North Texas related to entrepreneurship, but until then… I came VERY close to putting my deposit down on a Tesla electric sports car. Check this car out:
According to the New York Times, the company “is requesting $400 million in low-interest federal loans as part of the $25 billion loan package for the auto industry passed by Congress last year.” Really? Telsa, started by one of the PayPal co-founders has burned through more than $145MM in venture capital and delivered 80 cars to date. Does this make any sense? Why would ‘we’ (the taxpayers) invest $400MM in this startup without receiving any equity in return? Is Congress really this stupid? Come on guys, get a grip. And, Mr. Musk, shame on you for asking the question…
