From the moment he became de facto head of the Department of Government Efficiency, Elon Musk seemed intent on carving up the federal bureaucracy like a Thanksgiving turkey. Thousands of federal employees were laid off, entire departments folded, and contracts worth billions of dollars were scrapped.
That mayhem created a lucrative opening for one startup.
In the first half of this year, Legalist, a San Francisco lender founded by one of tech billionaire Peter Thiel’s fellows, extended more than $100 million to dozens of government contractors scrambling for cash. Founder Eva Shang says that’s about twice what it deployed in the three years since launching its government business.
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