Tesla closed its survival round on Christmas Eve 2008 and became the EV leader

The 2008 financial crisis froze capital markets and hit Tesla, a start-up automaker burning cash on the Roadster. Musk, who had funded the company from his PayPal proceeds, later recalled that Tesla was on its death bed while GM and Chrysler were getting bailouts and Tesla had no such option.

On Christmas Eve 2008 the company closed its survival financing round in the last hour of the last possible day — Musk said payroll would have bounced two days later. He put in his remaining personal cash rather than let the company fail, and German automaker Daimler, itself cash-strapped, invested $50 million.

The round bought Tesla time: Daimler's stake and a US government loan followed in 2009, the Model S launched in 2012, and the company IPO'd in June 2010. By 2020 Tesla was the world's most valuable automaker, while most of the 2008-era car industry had needed bailouts.

Tesla survived to launch the Model S, IPO'd in June 2010, and by 2020 was the world's most valuable carmaker.

Musk put his last PayPal money into Tesla rather than let payroll bounce

Closed the round in the final hour before the deadline on Christmas Eve 2008

Daimler's $50M investment arrived just as Tesla was on its death bed

Used the survival capital to reach the Model S rather than shrink to a niche

When capital markets freeze, the company that stays alive to the last possible hour — and whose leader puts in his own last money — gets to exist when rivals don't.

Tesla went public in June 2010 and by 2020 had become the world's most valuable carmaker as rivals raced to electrify; Daimler sold its Tesla stake in 2014, missing most of the rise.