Elon Musk thought he had money for 3 launches. All 3 failed.
In 2008 both of his companies were running out of money: SpaceX, the rocket maker, and Tesla, the car maker.
That September, on a tiny Pacific island, SpaceX fuelled its fourth Falcon 1 rocket. "That was the last money that we had for Falcon 1," Musk said at a space conference in 2017. Another failure, he said, would have been "absolutely game over."
The rocket reached orbit.
That kept SpaceX alive. Tesla was another matter. Musk had put his last cash into it and was borrowing from friends to pay rent. He told 60 Minutes that the Sunday before Christmas was the closest he had ever come to a nervous breakdown.
On 23 December NASA awarded SpaceX a $1.6 billion contract for 12 cargo flights. When the call came, Musk said, he could not hold the phone and blurted out, "I love you guys."
Tesla still needed its own financing. At 6 p.m. on Christmas Eve its investors put the money in. "Last hour of last day possible," Musk wrote in 2020. "We were 3 days away from bankruptcy." Payroll would have bounced two days later.
Musk was 37. He called 2008 the worst year of his life.
One-minute true story. AI-generated illustration with narration by an AI voice.
What the captions say
- Elon Musk thought he had money for 3 launches. All 3 failed.
- In 2008 both his companies were running out of money: SpaceX and Tesla.
- That September, from a tiny Pacific island, SpaceX fuelled a fourth Falcon 1 with what Musk called the last money it had for it.
- Another failure, he said, would be absolutely game over.
- It reached orbit.
- SpaceX was safe. Tesla was not. Musk had put his last cash into it and was borrowing from friends to pay rent.
- The Sunday before Christmas, he told 60 Minutes, was the closest he had come to a nervous breakdown.
- Then, on 23 December, NASA awarded SpaceX a $1.6 billion cargo contract.
- When the call came, Musk said, he could not hold the phone. He blurted out: I love you guys.
- Tesla still needed money. At 6 p.m. on Christmas Eve its investors put it in. The last hour of the last day possible, Musk wrote. 3 days from bankruptcy.
- Payroll would have bounced 2 days later. Musk was 37. He later called it the worst year of his life.
