Elon Musk and his companies faced at least $2.37 billion in potential federal fines and penalties the day President Trump took office, according to a congressional report released Monday that highlights the possible conflicts of interest posed by the billionaire’s cost-cutting work in government.
The 43-page memo by the minority staff of the Senate’s Permanent Subcommittee on Investigations, led by Sen. Richard Blumenthal (D-Conn.), is the most exhaustive attempt yet to detail Musk’s alleged conflicts as an advisor to Trump and chief promoter of his team called the Department of Government Efficiency, or DOGE.
Based on publicly available documents, media reports and the committee’s own calculations, the memo found that as of Jan. 20,
Musk and his companies were “subject to at least 65 actual or potential actions by 11 different federal agencies” and that 40 of those created $2.37 billion in potential liabilities.
“Mr. Musk has taken a chainsaw to the federal government with no apparent regard for the law or for the people who depend on the programs and agencies he so blithely destroys,” the memo stated. “The through line connecting many of Mr. Musk’s decisions appears to be self-enrichment and avoiding what he perceives as obstacles to advancing his interests.”
The memo notes that Musk’s companies have received more than $38 billion in government contracts, loans, subsidies and tax credits going back more than 20 years. And it notes that SpaceX, as of Friday, had $10.1 billion in federal contracts.
“President Trump could not have chosen a person more prone to conflicts of interest,” states the memo, which calls on the president, executive departments and regulatory agencies to “take coordinated action to address Elon Musk’s threat to the integrity of federal governance.”