Musk Ally Ramaswamy Takes Aim At Biden's $6.6B Loan To Tesla Rival Rivian

Bibhu Pattnaik

November 30, 2024

Newly appointed government efficiency co-czar Vivek Ramaswamy says he will scrutinize a loan issued by the Biden administration to electric vehicle (EV) manufacturer Rivian, a rival of Tesla Inc. (NASDAQ:TSLA).

What Happened: Ramaswamy, a biotech entrepreneur, will lead the Department of Government Efficiency (DOGE) alongside Tesla CEO Elon Musk following President-elect Donald Trump‘s inauguration.

Ramaswamy recently criticized President Joe Biden administration for approving a $6.6 billion loan to Rivian for a Georgia plant construction, which has since been suspended. He questioned the high cost per job created by this loan and suggested it could be a political move against Musk and Tesla, reports Fortune.

The Department of Energy defended the loan, highlighting their Advanced Technology Vehicles Manufacturing program’s role in reinforcing America’s global automotive standing. They pointed to the successful loan granted to Tesla in 2010 as evidence of the program’s efficacy.

Also Read: Elon Musk’s Social Media Onslaught Targets Federal Employees

Ramaswamy’s critique of the loan comes amid concerns about Rivian’s financial stability. Despite its reputation as a high-end EV brand with a growing lineup of award-winning vehicles, Rivian has yet to turn a profit.

The company is currently working to streamline its production process and aims to generate a gross profit in the current fourth quarter.

Why It Matters: Ramaswamy’s scrutiny of the loan to Rivian underscores the ongoing debate about government involvement in the EV market.

The loan’s approval has raised questions about the government’s role in supporting emerging industries and the potential political motivations behind such decisions.

This scrutiny comes at a critical time for Rivian, which is working to establish its profitability amidst growing competition in the EV market.

Nvidia About to Crash? Predictive AI Tech Issues Forecast That Could Shock Entire Market - Ad

AI Tech in Baltimore Lab Learns to Forecast Stock Prices (See its Live Calls on NVDA, AMZN, TSLA - For Free) - Ad

Elon's Optimus to Mint New "Musk Millionaires" as Soon as Jan 26? - Ad

Popular

What's Going On With Surf Air Mobility Stock Monday?

Surf Air Mobility raises $26M equity and partners with Palantir to advance SurfOS software, expand engineering.

Autodesk's Strong Quarter Validates Analyst Optimism As Infrastructure, AI Drive Gains

Autodesk reported strong Q3 results with double-digit growth in revenue and billings, expanded profitability, and raised full-year outlook due to high demand for AEC and cloud-based design tools.

Why Is a $116B Mining Giant Backing a $10M Firm?

Why Is a $116B Mining Giant Backing a $10M Firm? - Ad

Rio Tinto rarely makes early-stage bets. Yet one small N. American firm earned its trust with projects in lithium, uranium, and titanium - all vital to U.S. defense and energy independence.

Nvidia Stock 'Particularly Compelling,' Could See 70% Earnings Growth In 2026, Analyst Says

Bank of America Securities analyst Vivek Arya said skepticism around artificial intelligence (AI) spending is understandable but overstated, calling it a healthy correction within a long-term growth cycle.

Enhanced Games to offer performance enhancers ... and stock ... to the public

The no-drug-testing Enhanced Games is going public in two ways — with a new listing on the Nasdaq stock exchange and also by offering a direct-to-consumer business focused on performance products in a move it says “aims to democratize access to performance enhancement tools and protocols.”

Nvidia's 3 New "Unauthorized" Silent Partners

Nvidia's 3 New "Unauthorized" Silent Partners - Ad

Without Nvidia, AI stops. But AI's undisputed leader can't do it all by themselves. Nvidia depends on companies who help make their revolutionary tech possible. These technologies need Nvidia and Nvidia needs these Silent Partners.

XRP Surges 7% As ETFs Get Ready To Launch: How High Can It Go?

XRP (CRYPTO: XRP) is up 7% on Monday as traders positioned for potential ETF-driven momentum after five spot XRP exchange-traded funds are getting ready to launch.

Marjorie Taylor Greene Goes Bargain Shopping, Discloses Buying These Two Stocks At 52-Week Lows

Congresswoman Marjorie Taylor Greene disclosed some new stocks recently. Unlike past trades in 2024 and 2025, the latest disclosure is rather unique.

Revealed: The "Unauthorized" List of Nvidia's Silent Partners

Revealed: The "Unauthorized" List of Nvidia's Silent Partners - Ad

Nvidia recently became the world's first $5 trillion company. But Nvidia has not ascended alone... several companies working with them over the years have also done well. But many of these companies are not found on any authorized list by Nvidia. That's why I'm calling them Nvidia's "Unauthorized" Silent Partners.

Trump's 50-Year Mortgage Plan Sounds Great Until You See The Interest Bill

Trump's 50-year mortgage plan lowers monthly payments—but experts say it could double interest costs and slow home equity gains.

Amazon's $150 Billion AI Capex Surge Could Force Its First Big Bond Deal In Years

Amazon may need to tap Wall Street for funds as it faces rising AI and data center spending, despite sitting on $84 billion in cash.

Legally "Skim" $6,361 Into Your Account?

Legally "Skim" $6,361 Into Your Account? - Ad

A former hedge fund manager is now sharing his "Skim Codes" with regular people. They're not stocks. They're not crypto. They're 18-character codes designed to profit from recent market conditions. All you have to do is punch them into an ordinary brokerage account. 84% of these codes have given people the chance to generate cash payouts so far... and his next code is going out any day now.

Joan Branson, wife of British billionaire Richard Branson, dies at 80

Joan Branson, the wife of British billionaire Richard Branson, has died at age 80.

Scott Bessent Says No 'Formal Proposal' Yet From Trump On Plan To Scrap Obamacare As President Pushes For Direct Payments

No formal proposal for Obamacare replacement plan seen by Treasury Secretary Bessent, despite Trump's call to redirect funds to Americans.

Global Demand for Defense Metals Is Surging 7X

Global Demand for Defense Metals Is Surging 7X - Ad

Lithium, uranium and titanium are at the center of a global race. Nations are scrambling to secure them for fighter jets, EVs, and reactors. One N. American project could help fill the West's critical-minerals gap.

Schwab: Half Of US Investors May Ditch Other Assets For ETFs — 4 Funds To Watch

Nearly half of ETF investors could go all-ETF within five years, Schwab says. Here's how they're building portfolios with funds like ITOT, BND, and XLK.

Trump Withdraws Support For 'Wacky' Marjorie Taylor Greene In Sudden, Fiery Split: 'I Can't Take...'

President Donald Trump said he is withdrawing his endorsement of longtime ally Rep. Marjorie Taylor Greene — here's what happened.

Trump Signs Law to Launch Dollar 2.0

Trump Signs Law to Launch Dollar 2.0 - Ad

Trump just signed law S.1582, unleashing the biggest money shift in 100+ years. For the first time since 1913, private firms - not the Fed - can mint a "Dollar 2.0." Treasury says it could drain $6.6T from banks and pay 10X current savings rates. Early investors in minting firms could see 40X returns by 2032.

Jim Cramer: Chipotle Is 'Too Expensive,' Buy This Plane Maker

On "Mad Money," Cramer discusses Henry Schein, Bloom Energy, Tyler Technologies, Boeing and Chipotle Mexican Grill.

What's Going On With The Surge In Chipotle Stock Today?

Chipotle Mexican Grill Inc (NYSE:CMG) shares are trading higher on Tuesday. Here's a look at what's going on.

The U.S. Wants Metal Independence - And This Nevada Opportunity Fits the Moment

The U.S. Wants Metal Independence - And This Nevada Opportunity Fits the Moment - Ad

Washington's push for domestic copper, silver, gold, and tungsten is reshaping the resource landscape. Their neighbor's multi-metal hits, supported by $6M in federal funding and a 300%+ YTD surge, confirmed this Nevada corridor is the right kind of ground. Now another early-stage explorer has stepped into the same trend as interest accelerates.

JPMorgan Says Chevron Investor Day Will Highlight Oil, Gas, LNG Market Dynamics

Chevron's 2025 Investor Day will focus on disciplined capital spending, dividend growth and technological innovation, according to JPMorgan analyst Arun Jayaram.

California revokes 17,000 driver's licenses. But the state disputes it is over immigration concerns

California plans to revoke 17,000 commercial driver’s licenses given to immigrants after the Trump administration raised concerns about people in the country illegally receiving licenses to drive a semitruck or a bus. But Gov. Gavin Newsom said that isn't the reason.

Nvidia About to Crash? Predictive AI Tech Issues Forecast That Could Shock Entire Market

Nvidia About to Crash? Predictive AI Tech Issues Forecast That Could Shock Entire Market - Ad

The same AI tech used to prevent heart failure and grid blackouts can now "see ahead" in the U.S. stock market in a way that sounds like science fiction.

Hours After Marjorie Taylor Greene's Public Rebuke, Trump Responds With Restraint: 'She's A Nice Person'

President Trump has changed his perspective on MTG after her unexpected resignation from Congress.

Shareholders of Union Pacific, Norfolk Southern support $85 billion rail merger

OMAHA, Neb. (AP) — Shareholders of Union Pacific and Norfolk Southern backed the railroads’ to create the nation’s first coast-to-coast rail network.

AI Tech in Baltimore Lab Learns to Forecast Stock Prices (See its Live Calls on NVDA, AMZN, TSLA - For Free)

AI Tech in Baltimore Lab Learns to Forecast Stock Prices (See its Live Calls on NVDA, AMZN, TSLA - For Free) - Ad

The same AI tech being used to save 50 lives per year in California hospitals has now learned to forecast U.S. stock prices with remarkable results.

MacKenzie Scott Has Donated More Than $19 Billion, Yet Her Wealth Grows Faster

MacKenzie Scott, the billionaire philanthropist and ex-wife of Amazon founder Jeff Bezos, has donated a staggering $19.25 billion since 2020.

Starbucks' Bearista Cup Resale Market Explodes, Labubu-Level Frenzy Ensues

Starbucks has seen a surge in demand for its collectible holiday merchandise, with the Glass Bearista Cold Cup becoming the latest sensation.

Elon's Optimus to Mint New "Musk Millionaires" as Soon as Jan 26?

Elon's Optimus to Mint New "Musk Millionaires" as Soon as Jan 26? - Ad

Elon Musk may be set to create more "Musk Millionaires" as soon as January 26... Because on that day, he's expected to officially launch his Optimus robot... An AI-powered robot that Elon himself says will be capable of "doing anything bar nothing". Now, it's important to point out that Elon hasn't released it to the public yet... But ahead of the launch, one Silicon Valley insider has identified a "backdoor way" for any American to invest in Optimus with a regular brokerage account...

TSLA, PLTR, IREN And More: 5 Stocks That Dominated Investor Buzz This Week

Retail investors talked up five hot stocks this week (Nov. 3–7) on X and Reddit's r/WallStreetBets: TSLA, PLTR, MSTR, AMD, IREN.

Cathie Wood Makes $13.4 Million Bet On This Social Network After Earnings Crash — But Dumps Robinhood And Reddit

Ark Invest made significant trades, focusing on Pinterest, Robinhood, and Reddit amid earnings reports. They have confidence in Pinterest's potential despite recent setbacks.

Why Is a $116B Mining Giant Backing a $10M Firm?

Why Is a $116B Mining Giant Backing a $10M Firm? - Ad

Rio Tinto rarely makes early-stage bets. Yet one small N. American firm earned its trust with projects in lithium, uranium, and titanium - all vital to U.S. defense and energy independence.

Anthony Scaramucci Calls Zohran Mamdani's Win An 'Anger-Based Reaction' To Boomer Policies, Says New NYC Mayor Could Become 'Popular' If...

Anthony Scaramucci, the founder of SkyBridge Capital, described Zohran Mamdani’s victory in New York City's mayoral race as an “anger-based reaction” by the young people against the policies of the boomer generation's political elites.

Tesla Robotaxi Clears Major Certification In Nevada Paving Path To Commercial Operations: Report

Tesla reportedly completes Nevada self-certification for Robotaxi deployment in key milestone for expansion.

Nvidia's 3 New "Unauthorized" Silent Partners

Nvidia's 3 New "Unauthorized" Silent Partners - Ad

Trump Calls for End to Obamacare, Wants Funds To 'Be Sent Directly to the People'

President Trump has called on Senate Republicans to abolish the Affordable Care Act and reroute federal healthcare funds directly to the American people.

Trump's Tariffs Face Doubts In Supreme Court: 'Major Questions Doctrine' Looms Large Amid Debate Over President's Emergency Powers

The U.S. Supreme Court raised doubts regarding President Donald Trump's authority to impose sweeping tariffs using a decades-old emergency powers law.

Revealed: The "Unauthorized" List of Nvidia's Silent Partners

Revealed: The "Unauthorized" List of Nvidia's Silent Partners - Ad

MP Materials Stock Rebounds After Losses Following Mixed Q3 Results

MP Materials Corp (NYSE:MP) shares are trading higher on Friday after initially trading lower following the company's mixed third-quarter financial results.

Trending Now