Macron labels Elon Musk ‘oversubsidised’ by US taxpayers, calls for EU-funded industrial push
&imwidth=600&imheight=450&format=webp&quality=medium "Macron labels Elon Musk ‘oversubsidised’ by US taxpayers, calls for EU-funded industrial push")
File photo of French President Emmanuel Macron. Photograph: (Flickr)
Macron said large-scale state funding was the only way for Europe to effectively compete with economic heavyweights such as the United States and China, noting that American innovation has benefited significantly from taxpayer support.
French President Emmanuel Macron on Tuesday pointed to the US government's support for Elon Musk’s Starlink as justification for increased public investment in European industries. While addressing an industrial summit, Macron pitched for a “Buy European” push to boost competitiveness, proposing that it be funded through joint borrowing by the European Union.
Macron said large-scale state funding was the only way for Europe to effectively compete with economic heavyweights such as the United States and China, noting that American innovation has benefited significantly from taxpayer support, according to The Sun.
“Everybody is fascinated by Starlink… But if you are lucid, Mr Musk is probably one of the guys of the world who has had in his pockets the most… billions dollars of the American taxpayers in order to be subsidised,” Macron said.
Elon Musk hit back
Referring to Musk, the French president described him as “first an oversubsidised guy” by US federal agencies, while praising the model as highly innovative. Meanwhile, Musk later hit back on X, arguing that European governments provide greater subsidies to their industries than the US.
Musk defended the government's role in supporting his companies, Tesla and SpaceX. “If you add up all the government funding Tesla and SpaceX have ever received, it is only about 1% of the combined value of the companies,” Musk stated.
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He contrasted this with most of the US and European aerospace companies, claiming that the government money they have received ‘surpasses’ 100% of their value.
