December 05, 2024

Durbin Statement On Ramaswamy's Threat To Claw Back Federal Loan To Rivian, Rival Company Of Elon Musk

Durbin calls out Elon Musk's potential conflicts of interest as Department of Government Efficiency Co-Chair

WASHINGTON – U.S. Senate Majority Whip Dick Durbin (D-IL) today released the following statement on remarks made by Vivek Ramaswamy, the incoming Co-Chair of President-elect Trump’s commission to cut government spending, about clawing back federal funding that the Biden administration is dispersing, including a key loan to Rivian, a rival company of his commission Co-Chair, Elon Musk:

“Isn’t this rich. In 2009, when his Tesla operation was hanging by a thread, Elon Musk borrowed nearly $500 million from the Department of Energy—saving the company so they could put a new model of the car on showroom floors. Now, his DOGE partner, Vivek Ramaswamy, is questioning a similar loan to Rivian, a competitor of Tesla, saying it is ‘high on the list of items’ that he will look to claw back.

“Bottom line is Elon Musk’s record is clear—his vast business empire has benefitted from government assistance in the past. He’s in a delicate position with many potential conflicts of interest. I hope there will be some second thoughts to his ideas and the ideas of his DOGE partner.”

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