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Elon Musk once detailed how Tesla Inc. (NASDAQ:TSLA) nearly collapsed and why only mission-driven employees can carry a company through its most brutal moments.
In 2013, while speaking at the Montana Economic Development Summit, Musk recalled just how close Tesla came to shutting down during the 2008 financial crisis.
He said the recession hit automakers especially hard and the company's critical fundraising round fell apart as the banking system unraveled.
Instead of giving up, Musk said he and a handful of existing investors patched together enough money to keep operations alive. The final financing deal, he noted, was completed at the last possible hour, on Christmas Eve 2008.
Without it, Tesla would have run out of cash within days.
"While things are going really well these days, I think it's always important to remember that when you're creating a company, there are very dark times and it's about getting through those dark times. That's the difference between success and failure," he stated then.
Musk then said that a company is essentially a group of people aligned around a product or service that should exist. Founders, he argued, must truly believe — intellectually and emotionally — that what they are building matters.
That conviction is vital for raising capital. Musk noted that during Tesla's darkest months, he put in all the money he had, even borrowing from friends to cover rent.
Demonstrating that level of commitment, he said, helped convince investors to back Tesla even as major automakers were entering bankruptcy.
The Tesla CEO said this same principle applies to hiring. Founders must bring in people who care deeply about the mission. Passionate employees, he explained, will remain through setbacks and crises.
"What you're really trying to do is convince people to join you in the endeavor," he said. "Hire people who are also passionate about what you're doing… Then they will stay during the dark times."
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Tesla currently holds a market capitalization of $1.27 trillion. In October 2025, the company reported third-quarter revenue of $28.095 billion, a 12% increase from a year earlier and ahead of the $26.239 billion consensus estimate, according to Benzinga Pro.
The results marked Tesla's first revenue beat after four consecutive quarters of falling short of expectations.
Automotive revenue reached $21.21 billion, up 6% year-over-year.
Overall growth was driven by higher deliveries, as well as gains in the energy and services segments, though lower regulatory credit sales weighed on results.
Benzinga's Edge Stock Rankings show Tesla sustaining solid growth in the medium and long term, though short-term momentum has dipped. Click here for a detailed comparison of its performance against industry peers.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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