“As the situation got more desperate in the fall of 2008, Musk pleaded for money from friends and family to meet Tesla’s payroll.”
Elon Musk, by Walter Isaacson
In 2008, Tesla was in the depths of production hell. And with the world on the verge of another Great Depression, a speculative electric car company was just about the last thing anyone wanted to invest in.
But that wasn’t all. SpaceX had repeatedly failed to reach orbit and only had enough cash left for one more attempt.
Elon Musk left PayPal a rich man, pocketing a cool $250 million. But now that money was almost all gone, sucked up by SpaceX and Tesla.
If the companies failed, he faced personal bankruptcy.
Walter Isaacson tells this fascinating story in his new book Elon Musk.
Saving Tesla
Even though Tesla was near death, Musk didn’t give up. Neither did his people.
Bit by bit, they resolved the production problems. Soon, the first Model S’s began to roll off the line.
“Many of the workers waved American flags. Some cried,” Isaacson writes.
I dont think anyone is crying when they build a Chevy Silverado. But Musk had hired people with incredible dedication and knew how to inspire them.
“He has reality-warp powers where people get sucked into his vision,” said Reid Hoffman, who worked with Musk at PayPal. People often described Steve Jobs the same way.
In time, an investment from Daimler would save Tesla. The investment would also prove to be a bonanza for Daimler.
As Tesla grew, it began to dominate the auto industry. Shortly after its release, the Model 3 became the highest grossing automobile in America by revenue.
This was an incredible achievement for a fledgling company producing a brand new model using unproven technology.
SpaceX Hits Orbit
As Tesla found firm footing, SpaceX finally reached orbit.
Its fourth rocket launch had to work. As Musk and his engineers watched nervously, the rocket cleared the tower and the stages separated.
Soon, the rocket reached orbit. “tThat was frigging awesome,” Musk yelled.
Wrap-Up
Give the average person $250 million, and they’ll lay on a beach. But Elon Musk decided to plow his money into electric cars and rockets, ventures with little chance of success.
When they foundered, he could’ve lost everything. But Musk kept his nerve, worked even harder, and led his people to success.
Why did Elon persevere when most people would have given up?
Perhaps it was the hard times he endured as a young man, suffering bullying and abuse. If he could make it through that, he could make it through anything.
What have you learned from Elon Musk? Leave a comment and let us know!
More on tech:
Elon Musk (Part 1): Overcoming the Odds
The Hard Thing About Hard Things
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Photo: “Elon Musk overlooking the remains of F9R” by jurvetson is licensed under CC BY 2.0.
Tremendous 
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