Another Iceberg, Right Ahead 225
company culture are of paramount importance as Tesla
grows.”^227 The number of employees decreased from 380
to 300, and Tesla canceled the plan to build a new factory
in New Mexico as well as the plan to produce battery packs
in Thailand.
Tesla needed to raise more money from investors. But
the automotive industry wasn’t the hottest investment
after the credit crisis of 2008 when companies like General
Motors and Chrysler struggled for their survival. October
2008 was the worst month for the auto industry in 25
years.^49 “It’s not an understatement to say that nearly every
business will be impacted by what has unfolded in the past
weeks, and this is true for Silicon Valley as well,” Elon
said.^221
Elon phoned his brother Kimbal Musk, who now lived
in Boulder, Colorado. Kimbal recalled how he could hear
the stress in his brother’s voice. “You really think it’s
rational to put more money in?” Kimbal asked. “We’re so
close, Daimler’s almost there, the Roadster’s almost there.
We can’t quit now,” Elon replied.^210
This was Tesla in December 2008. They needed at least
$40 million to survive. Tesla had no money and couldn’t
pay the bills, they couldn’t sell more cars because the cars
were not yet profitable, the largest investor didn’t want to
keep Elon as CEO, and Goldman Sachs failed to raise more
money for Tesla.^413
As a last resort, Elon decided to invest the last pieces
from his past fortune in Tesla. “Just to keep Tesla alive, I had
to wire three million dollars personally, with no guarantees