Did a little digging and Musk owns twitter and Space X through a trust. What exactly this trust is, who is involved in it is unclear.
It's my hypothesis that Musk is an actor and that he is really not as wealthy as he appears. My guess is that Elon is not even a majority stakeholder in his own trust
There is also a few chinese names on Twitter stakeholder article:
Binance Capital Management Co., Ltd (chinese crypto company),
Cheng and Chen Family Trust
Linda Ye and Robin Ren Family Foundation
Did a little digging and Musk owns twitter and Space X through a trust. What exactly this trust is, who is involved in it is unclear.
It's my hypothesis that Musk is an actor and that he is really not as wealthy as he appears. My guess is that Elon is not even a majority stakeholder in his own trust
Tesla says its annual revenue has fallen for the first time as the electric vehicle (EV) maker shifts its focus to artificial intelligence (AI) and robotics.
The company, which is run by multi-billionaire Elon Musk, reported a 3% decline in total revenues in 2025, while profits fell 61% in the last three months of the year.
Those tax credits — worth up to $7,500 and $4,000 for purchases of new and used EVs, respectively — won’t be available after Sept. 30. Another tax break that’s endinglets dealers pass along savings on EV leases.
Tesla's easy money from regulatory credits set to dry up amid weakening sales
Tesla's credit revenue faces decline due to policy changes
Analysts predict Tesla's credit revenue to drop significantly by 2027
Tesla's financials at risk as credit demand and prices fall
SAN FRANCISCO, July 22 (Reuters) - A key driver of Tesla's (TSLA.O), opens new tab profit is disappearing fast as the U.S. government changes policies on an environmental asset known as regulatory credits.
Investors are likely to have a number of questions for Chief Executive Elon Musk when Tesla reports second-quarter results on Wednesday. Among them are how fast the EV maker can turn a trial robotaxi program into a money-making business, how to avoid a decline in sales for the second year in a row, and Musk's possible political plans.
Stay up to date with the latest news, trends and innovations that are driving the global automotive industry with the Reuters Auto File newsletter. Sign up here.
Less sexy, perhaps, is the issue of regulatory credits, which are bought by traditional automakers from electric-vehicle companies to make up for the tailpipe pollution from their gasoline-powered vehicles. But this income segment is crucial for Tesla's finances, having been the main driver of its profit in the first three months of the year.
Without the income from those credits, sold to internal combustion engine automakers, Tesla would have reported a first-quarter loss, and Musk may be pressed to say how long he thinks Tesla will be able to sell credits.
Tesla would have reported a loss in Q1 without regulatory credits
The U.S. government incentivized zero-emission vehicle production by giving credits to EV makers while imposing hefty penalties on combustion engine vehicle manufacturers that fail to meet emission standards. The traditional automakers can avoid the fines by purchasing credits from companies like Tesla.
Recent legislation passed under the U.S. President Donald Trump, however, is set to eliminate fines for automakers that fail to meet National Highway Traffic Safety Administration's Corporate Average Fuel Economy standards — which underpin much of the demand for these regulatory credits.
"They are making conventional ICE vehicles more competitive while making EVs less competitive," said Batt Odgerel, a director at the Energy Policy Research Foundation, referring to Congress, Trump and the federal government.
Tesla risks losing revenue from the credits as well as market share, he added.
The future of two other sources of credits - from the U.S. Environmental Protection Agency and California's zero-emission vehicle program - is uncertain, with proposed rule changes and political and legal challenges.
"That is certainly likely to be a big loss of revenue for automakers" that were selling credits, added Chris Harto, a senior policy analyst at Consumer Reports. Tesla has reported more such sales than anyone else in the automotive sector.
FASTER DECLINE THAN EXPECTED
One question for Tesla is how fast the credit sales are falling and whether the EPA and California transactions are holding up for now. Other credit producers include smaller EV players Rivian (RIVN.O), opens new tab and Lucid (LCID.O), opens new tab.
Analysts at William Blair calculate that about three-quarters of Tesla's credit revenue comes from CAFE standards. Within days of the new law, they slashed estimates for Tesla's 2025 credit revenue by nearly 40% to about $1.5 billion. They expect it to plummet to $595 million next year, before being wiped out in 2027.
That is a faster decline than seen by many on Wall Street. Tesla's revenue from credit sales will fall 21% this year to $2.17 billion and fall consistently in the coming years, according to 14 analysts polled by Visible Alpha this month.
"The elimination of the corporate average fuel economy (CAFE) fines requires a reset in expectations," the William Blair analysts said in their note earlier this month.
Revenue from credits was always expected to dwindle as traditional automakers ramped up production of zero- or low-emission cars, but not so fast. Tesla has acknowledged its financials would be "harmed" if demand and prices of credits dropped. It did not respond to a request for comment.
The credits, which have virtually no cost to produce, were instrumental to keeping Tesla profitable several years ago. While surging Model Y demand once pushed Tesla’s profit well above regulatory credit income, recent sales declines and aggressive price incentives have meant regulatory credits are once again a key support for profit.
Tesla says its annual revenue has fallen for the first time as the electric vehicle (EV) maker shifts its focus to artificial intelligence (AI) and robotics.
The company, which is run by multi-billionaire Elon Musk, reported a 3% decline in total revenues in 2025, while profits fell 61% in the last three months of the year.
Those tax credits — worth up to $7,500 and $4,000 for purchases of new and used EVs, respectively — won’t be available after Sept. 30. Another tax break that’s endinglets dealers pass along savings on EV leases.
Tesla's easy money from regulatory credits set to dry up amid weakening sales
Tesla's credit revenue faces decline due to policy changes
Analysts predict Tesla's credit revenue to drop significantly by 2027
Tesla's financials at risk as credit demand and prices fall
SAN FRANCISCO, July 22 (Reuters) - A key driver of Tesla's (TSLA.O), opens new tab profit is disappearing fast as the U.S. government changes policies on an environmental asset known as regulatory credits.
Investors are likely to have a number of questions for Chief Executive Elon Musk when Tesla reports second-quarter results on Wednesday. Among them are how fast the EV maker can turn a trial robotaxi program into a money-making business, how to avoid a decline in sales for the second year in a row, and Musk's possible political plans.
Stay up to date with the latest news, trends and innovations that are driving the global automotive industry with the Reuters Auto File newsletter. Sign up here.
Less sexy, perhaps, is the issue of regulatory credits, which are bought by traditional automakers from electric-vehicle companies to make up for the tailpipe pollution from their gasoline-powered vehicles. But this income segment is crucial for Tesla's finances, having been the main driver of its profit in the first three months of the year.
Without the income from those credits, sold to internal combustion engine automakers, Tesla would have reported a first-quarter loss, and Musk may be pressed to say how long he thinks Tesla will be able to sell credits.
Tesla would have reported a loss in Q1 without regulatory credits
The U.S. government incentivized zero-emission vehicle production by giving credits to EV makers while imposing hefty penalties on combustion engine vehicle manufacturers that fail to meet emission standards. The traditional automakers can avoid the fines by purchasing credits from companies like Tesla.
Recent legislation passed under the U.S. President Donald Trump, however, is set to eliminate fines for automakers that fail to meet National Highway Traffic Safety Administration's Corporate Average Fuel Economy standards — which underpin much of the demand for these regulatory credits.
"They are making conventional ICE vehicles more competitive while making EVs less competitive," said Batt Odgerel, a director at the Energy Policy Research Foundation, referring to Congress, Trump and the federal government.
Tesla risks losing revenue from the credits as well as market share, he added.
The future of two other sources of credits - from the U.S. Environmental Protection Agency and California's zero-emission vehicle program - is uncertain, with proposed rule changes and political and legal challenges.
"That is certainly likely to be a big loss of revenue for automakers" that were selling credits, added Chris Harto, a senior policy analyst at Consumer Reports. Tesla has reported more such sales than anyone else in the automotive sector.
FASTER DECLINE THAN EXPECTED
One question for Tesla is how fast the credit sales are falling and whether the EPA and California transactions are holding up for now. Other credit producers include smaller EV players Rivian (RIVN.O), opens new tab and Lucid (LCID.O), opens new tab.
Analysts at William Blair calculate that about three-quarters of Tesla's credit revenue comes from CAFE standards. Within days of the new law, they slashed estimates for Tesla's 2025 credit revenue by nearly 40% to about $1.5 billion. They expect it to plummet to $595 million next year, before being wiped out in 2027.
That is a faster decline than seen by many on Wall Street. Tesla's revenue from credit sales will fall 21% this year to $2.17 billion and fall consistently in the coming years, according to 14 analysts polled by Visible Alpha this month.
"The elimination of the corporate average fuel economy (CAFE) fines requires a reset in expectations," the William Blair analysts said in their note earlier this month.
Revenue from credits was always expected to dwindle as traditional automakers ramped up production of zero- or low-emission cars, but not so fast. Tesla has acknowledged its financials would be "harmed" if demand and prices of credits dropped. It did not respond to a request for comment.
The credits, which have virtually no cost to produce, were instrumental to keeping Tesla profitable several years ago. While surging Model Y demand once pushed Tesla’s profit well above regulatory credit income, recent sales declines and aggressive price incentives have meant regulatory credits are once again a key support for profit.
