Surviving the Storm and Sealing Fate on Christmas Eve

Surviving the financial tempest, Tesla navigated treacherous waters in October. Elon rose as CEO amid the global crisis, while Ze’ev assumed the role of Vice Chairman before departing in December. Determined to weather the storm, Elon vowed to make Tesla’s cash flow positive within months.

To achieve this, the business magnate trimmed Tesla’s workforce by 24%. But the road to recovery remained arduous, with red-stained finances. Salvation arrived in the form of a $40 million convertible debt approval. Time dwindled, yet the car manufacturer secured the financing on Christmas Eve 2008, defying the odds.

Next: Legal troubles, car recalls, and swift response.