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Tesla CEO Elon Musk says his electric car startup was close to death over the last year — within "single-digit weeks," he told "Axios on HBO" — during the troubled ramp-up of the mass market Model 3.

Driving the news: Musk has previously said that the company nearly went bankrupt in 2008, the year he took over as CEO, and that at the time Tesla had "less than a 10% likelihood to succeed." Over the past year, he has called the Model 3 buildout "production hell," and watched as his own erratic behavior — including an ongoing scrape with federal authorities — contributed to a plunge in Tesla’s share price. 

But after months of waving away critics who described him as a slipshod manager, Musk admitted that Tesla "faced a severe threat of death."

  • "Essentially the company was bleeding money like crazy," Musk said. "And just if we didn't solve these problems in a very short period time, we would die. And it was extremely difficult to solve them."
  • During the summer, Musk called the 230-mile range, $35,000 Model 3 a "bet the company" project. 
  • Asked how close to death Tesla came, Musk replied: "I would say within single-digit weeks."

Why it matters, from Axios future editor Steve LeVine: Musk’s admission shows just how dire conditions became at a company that is synonymous with him, and that many regard as the key to a future electric car revolution.

  • Thought bubble from Axios' Felix Salmon: At worst, Tesla was single-digit weeks away from having to do a dilutive equity capital raise.

Musk said he spends about 70% of his time on Tesla — sometimes seven days a week, and sleeping in the factory.

  • "I was in the paint shop, body shop ... end of [the] line where we do final check out of vehicles," he said. "I personally redesigned the whole battery pack production line and ran it for three weeks. Pretty intense."
  • "I think what a lot of people don't understand is that I'm like the chief engineer like that. I actually do lead engineering of the rockets and lead the engineering of the vehicles and production. ... Ninety percent of my day is spent on engineering and production.

Asked what he does that no one should do, Musk answered: "No one should put this many hours into your work. This is not good. People should not work this hard."

  • "This is very painful," he said. "It hurts, it hurts my brain and my heart. It hurts. ... There were times when I was working literally 120 hours. This is not recommended for anyone."
  • "I just did it because if I didn't do it, then [there was a] good chance Tesla would die."

Go deeper

Scoop: 50,000 migrants released; few report to ICE

A law enforcement officer walks to meet migrants crossed the Rio Grande River illegally last month. Photo: Brandon Bell/Getty Images

About 50,000 migrants who crossed the southern border illegally have now been released in the United States without a court date. Although they are told to report to an Immigration and Customs Enforcement office instead, just 13% have showed up so far, Axios has learned.

Why it matters: The sizable numbers are a sign of just how overwhelmed some sectors of the U.S.-Mexico border continue to be: A single stretch covering the Rio Grande Valley had 20,000 apprehensions in a week. The figures also show the shortcomings of recent emergency decisions to release migrants.

1 hour ago - World

Scoop: Israel launches maximum pressure campaign against Ben & Jerry's

A Ben & Jerry's store in Yavne, Israel. Photo: Ahmad Gharabli/AFP via Getty

The Israeli government has formed a special task force to pressure Ben & Jerry's ice cream and its parent company Unilever to reverse their decision to boycott Israeli settlements in the West Bank, Israeli officials tell me.

Why it matters: The Israeli government is concerned the move by Ben & Jerry's will encourage other international companies to take similar steps to differentiate between Israel and the West Bank settlements. A classified Foreign Ministry cable, seen by Axios, makes clear the government wants to send a message.

Video game developers at Activision Blizzard say they'll walk out Wednesday

Illustration: Shoshana Gordon/Axios

Employees at Activision Blizzard will hold a walkout Wednesday in protest of widespread harassment allegations across the company, a spokesperson on behalf of the group told Axios.

Why it matters: Walkouts are a drastic measure for developers in a largely non-unionized field, a testament to just how angry employees currently are.