Elon Musk to government: Here's that $500M I owe you

BILL STAFFORD

Why this guy's so happy: Tesla Motors CEO Elon Musk just paid off his government loans, some $541.8 million.

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Shana Lynch: Managing Editor- Silicon Valley Business Journal; Email | Twitter | Google+

Yup, that just happened. Tesla Motors said today it paid off its $451.8 million Department of Energy loan. That's about nine years earlier than it was due.
Tesla raised about $1 billion last week in debt and equity to do so, helped by strong first-quarter earnings that showed the company reached profitability for the first time. From there, the stock went wild, the price up 57 percent in three days.
An early payoff means Tesla won’t be paying interest on those millions (and keeps Sarah Palin et al from taking swipes, for whatever that’s worth).
“I would like to thank the Department of Energy and the members of Congress and their staffs that worked hard to create the (Advanced Technology Vehicles Manufacturing) program, and particularly the American taxpayer from whom these funds originate,” said Tesla CEO Elon Musk in a statement. “I hope we did you proud.”
Interesting side note: Did you know green startups only borrowed an eighth of the amount of the money (about $8 billion) given out under the government’s alternative-energy vehicle program? Bloomberg notes the majority of the loans went to big car companies including Ford Motor Co. and Nissan Motor Co.