Despite his successes, Elon Musk’s journey has not been without significant challenges. In 2008, both Tesla and SpaceX were facing financial difficulties. Tesla had been struggling with production issues, and SpaceX had experienced multiple failed rocket launches. Musk invested his personal fortune into both companies to keep them afloat, risking his entire wealth.
At one point, Musk was living off personal loans from friends. However, his persistence paid off. In December 2008, SpaceX secured a $1.6 billion contract with NASA to deliver cargo to the International Space Station, and Tesla received a $465 million loan from the U.S. Department of Energy. These deals helped stabilize both companies and allowed Musk to continue his visionary work.
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