'IN HIS ELEMENT' Tesla's next big crisis came in the fall of 2008 when it failed to secure $100 million from venture investors. Like its larger rivals, it was hit hard by the 2008 credit crunch. Down to its last $9 million in cash, Tesla cut 24 percent of its work force, delayed development work on Model S and launched a $40 million convertible debt financing round to keep the company alive. Musk, who had invested $55 million of his own money into Tesla by then, also stepped in as ...
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