Tesla’s Elon Musk: “I ran out of cash” | VentureBeat
According to the filing — part of his pending divorce case from sci-fi novelist Justine Musk — Elon Musk has been living off personal loans from friends since October 2009 and spending $200,000 a month while making far less. Musk confirmed this in an interview with VentureBeat.Flashback: Govt Picks a "Winner": Tesla Gets $465 Million : Gas 2.0
Tesla, likewise, is dealing with its cash flow problems by borrowing money from a friendly source — the United States government, which has eagerly backed cleantech startups through a Department of Energy loan program. Tesla burned through $37 million in cash in the last three months of 2009, according to amended S-1 documents, filed with the Securities & Exchange Commission in preparation for its IPO. Tesla slowed this burn rate in the first quarter of 2010 to $8.4 million, but only by drawing down part of a $465 million loan from the DOE, while reporting a net loss of $29.5 million. Tesla’s sales were flat year-over-year in the first quarter, but declined precipitously in the U.S., according to a former Tesla executive.
Steven Chu this morning finally puts the nail in the coffin of the congressional No We Can’t contingent’s stance.
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2 comments:
The electric car Toyota plant hoax was framed as a joyous sign of an improving business environment last week. The overall business climate can't possibly improve while banks make more money loaning to Ben Bernanke than to human beings. Non-productive public sector employees already private sector workers in both numbers and pay. As RJ Pachauri said about global warming, This is not sustainable.
Have a look at this.
The car's a good starting point but it ain't gonna sell!
http://www.youtube.com/watch?v=8DfHyGD7_pM
Clarkson rips the Tesla a new one.
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