Tesla is currently one of the most valuable companies in the world. Investors are closely following the stocks of the US electric car major. However, the situation in 2008 was no longer nearly as bad.
Yes, on Christmas Eve 2008 the automaker was almost broke.
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When Indian engineer Pranay Pathole from Pune wrote about it on Twitter, Tesla boss Elon Musk promptly responded to the experience. The 23-year-old Indian engineer wrote on Twitter that Tesla’s financing round was closed on Christmas Eve 2008 and that the automaker was literally a few days before bankruptcy.
“Elon Musk had to invest all of his money and assets. He had to borrow money from friends to pay the rent. 2008 was such a difficult year, thank you for never giving, “wrote Pathole in his tweet.
Tesla CEO Elon Musk replied to his tweet that it was a crazy tough year. “Tesla funding closed at 6 p.m. Christmas Eve – last hour of … last day possible.”
This isn’t the first time Tesla has faced bankruptcy. This isn’t the first time Tesla’s CEO has spoken openly about his EV company’s bankruptcy. Earlier last year, Musk tweeted that while the automaker was struggling to launch its best-selling Tesla Model 3 electric car, it had filed for bankruptcy within a month. He said the development phase of the Tesla Model 3 sedan had been of extreme stress and pain for a long time, from mild 2017 to mid-2019. He also said it was a production and logistics hell for the automaker.
The electric automaker found itself in dire financial straits due to escalating losses and struggled to meet several production targets for the Model 3 sedan, which became the brand’s best-selling model.