Elon Musk admitted that Tesla was really on the verge of bankruptcy


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Recently, Elon Musk is in the center of attention is not on the most rosy occasion. Tesla shares are jumping, Elon himself was removed from the management of the company due to a series of unsuccessful tweets and management decisions. At the same time, the founder of Tesla and SpaceX remained optimistic and pretended that everything is good. However, last night in a Sunday interview for HBO, Elon Musk admitted that numerous rumors were true and Tesla was weeks away from bankruptcy.»

As Mr. Musk said, this has nothing to do with the recent events, as “fever” the company at the beginning of this year during the increase in the pace of production of Tesla Model 3. It is worth remembering that at about the same time, a new wave of criticism of Tesla company broke out, stating that the financial condition of the company is very unstable and the value of its shares is greatly overstated.

“Tesla really faced a serious threat because of the increased production of Model 3. In fact, the company was throwing money around like crazy. And if we had not solved these problems in a very short period of time, we would have had to close. And these problems were extremely difficult to solve.”said Elon Musk.


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Musk also shed light on the recent “manufacturing hell” when Tesla began producing 5,000 model 3 sedans a week. He said that he slept at the plant, as well as some employees of the company.

“People shouldn’t work so hard. It was a very painful decision for me when the production shift lasted 22 hours every 7 days a week. It’s a very hard decision, but I just made it, because if I didn’t… there was a high chance that Tesla would die.»

Now Elon Musk remembers what happened without much fear, because at the end of October 2018, Tesla showed unexpectedly good quarterly profit and now the company no longer “looks death in the face.” Tesla shares at the moment increased by about 4.6% compared to the previous reporting period.

A short segment of Sunday’s interview you can watch on the video available below.

 


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