There's a video from 2013 where Elon Musk tells a room full of people in Montana about the time Tesla Inc. (TSLA) almost died. Not metaphorically struggling, but literally running out of money within days. It's the kind of story that shapes how someone thinks about everything afterward, especially who they let onto the team.

When Tesla Nearly Collapsed

Speaking at the Montana Economic Development Summit, Musk walked through the 2008 financial crisis and what it did to Tesla. The recession hammered automakers across the board, and Tesla's crucial fundraising round disintegrated as the banking system came apart at the seams.

Rather than fold, Musk and a small group of existing investors scrambled to piece together enough capital to keep the lights on. The final financing agreement? Signed on Christmas Eve 2008, at the absolute last possible moment. Without it, Tesla would have been out of cash in a matter of 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," Musk said at the time.

Why Belief In The Mission Actually Matters

Musk argues that a company is basically just a collection of people organized around something that ought to exist. And if you're the founder, you need to believe that on both an intellectual and emotional level. Not just think it's a good idea, but actually care whether it happens.

That conviction becomes essential when you're trying to raise money. During Tesla's worst stretch, Musk put in everything he had and borrowed from friends to pay rent. Showing that kind of skin in the game helped persuade investors to take a bet on Tesla even while major automakers were sliding into bankruptcy.

The Only Employees Who Matter Are The Ones Who Stay

This same thinking shapes Musk's approach to hiring. You need to bring on people who genuinely care about what the company is doing. Employees who are passionate about the mission will stick around when everything goes sideways, which is exactly when you need them most.

"What you're really trying to do is convince people to join you in the endeavor," he explained. "Hire people who are also passionate about what you're doing… Then they will stay during the dark times."

It's a philosophy born from necessity. When you've been hours away from bankruptcy and managed to survive because a handful of people refused to quit, you start paying attention to who shows up when things get ugly.

Tesla's Recent Performance Shows How Far It's Come

Fast forward to today, and Tesla carries a market capitalization of $1.27 trillion. In October 2025, the company reported third-quarter revenue of $28.095 billion, up 12% year-over-year and comfortably ahead of the $26.239 billion analyst consensus.

The results marked Tesla's first revenue beat after missing expectations for four straight quarters. Automotive revenue hit $21.21 billion, climbing 6% from the prior year.

The overall growth came from higher vehicle deliveries plus gains in energy storage and services, though lower regulatory credit sales tempered the results somewhat.

According to market data, Tesla is showing solid medium and long-term growth momentum, though short-term performance has cooled off recently compared to industry peers.

It's a long way from Christmas Eve 2008, when the company was measuring its remaining runway in days instead of decades. The lesson Musk took from that experience still shapes how he thinks about building teams: find the people who will stay when everything's on fire, because those are the only ones who matter when it actually counts.