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probably fucking doomed.” When Musk ran through the calculations concerning SpaceX and Tesla, it occurred to him that only one company would likely even have a chance at survival. “I could either pick SpaceX or Tesla or split the money I had left between them,” Musk said. “That was a tough decision. If I split the money, maybe both of them would die. If I gave the money to just one company, the probability of it surviving was greater, but then it would mean certain death for the other company. I debated that over and over.” While Musk meditated on this, the economy worsened quickly and so too did Musk’s financial condition. As 2008 came to an end, Musk had run out of money. Riley began to see Musk’s life as a Shakespearean tragedy. Sometimes Musk would open up to her about the issues, and other times he retreated into himself. Riley spied on Musk while he read e- mail and watched him grimace as the bad news poured in. “You’d witness him having these conversations in his head,” she said. “It’s really hard to watch someone you love struggle like that.” Because of the long hours that he worked and his eating habits, Musk’s weight fluctuated wildly. Bags formed under his eyes, and his countenance started to resemble that of a shattered runner at the back end of an ultra-marathon. “He looked like death itself,” Riley said. “I remember thinking this guy would have a heart attack and die. He seemed like a man on the brink.” In the middle of the night, Musk would have nightmares and yell out. “He was in physical pain,” Riley said. “He would climb on me and start screaming while still asleep.” The couple had to start borrowing hundreds of thousands of dollars from Musk’s friend Skoll, and Riley’s parents offered to remortgage their house. Musk no longer flew his jet back and forth between Los Angles and Silicon Valley. He took Southwest. Burning through about $4 million a month, Tesla needed to close another major round of funding to get through 2008 and stay alive. Musk had to lean on friends just to try to make payroll from week to week, as he negotiated with investors. He sent impassioned pleas to anyone he could think of who might be able to spare some money. Bill Lee invested $2 million in Tesla, and Sergey Brin invested $500,000. “A bunch of Tesla employees wrote checks to keep the company going,” said Diarmuid O’Connell, the vice president of business development at Tesla. “They turned into investments, but, at the time, it was twenty-five or fifty thousand dollars that you didn’t expect to see again. It just seemed like holy shit, this thing is going to crater.” Kimbal had lost most of his money during the recession when his investments bottomed out but sold what he had left and put it into Tesla as well. “I was close to bankruptcy,” Kimbal said. Tesla had set the prepayments that customers made for the Roadsters aside, but Musk now needed to use that money to keep the company going and soon those funds were gone, too. These fiscal maneuvers worried Kimbal. “I’m sure Elon would have found a way to make things right, but he definitely took risks that seemed like they could have landed him in jail for using someone else’s money,” he said. In December 2008, Musk mounted simultaneous campaigns to try to save his companies. He heard a rumor that NASA was on the verge of awarding a contract to resupply the space station. SpaceX’s fourth launch had put it in a position to receive some of this money, which was said to be in excess of $1 billion. Musk reached out through some back channels in Washington and found out that SpaceX might even be a front-runner for the deal. Musk began doing everything in his power to assure people that the company could meet the challenge of getting a capsule to the ISS. As for Tesla, Musk had to go to his existing investors and ask them to pony up for another round of funding that needed to close by Christmas Eve to avoid bankruptcy. To give the investors some measure of confidence, Musk madePDF Image | SpaceX and the Quest
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