At the office, Tesla Motors CEO Elon Musk seems to have money coming in from every angle. Tesla is in the midst of a $100 million stock offering. Daimler and the government of Abu Dhabi have invested in his company. Toyota just invested $50 million in Tesla and gave it a sweetheart deal on the NUMMI auto plant in California. The Department of Energy has made the company a $465 million low-interest loan.
But things are different on the home front.
"About four months ago, I ran out of cash," Musk, who sold PayPal to eBay in 2002 for $1.5 billion, said in a court document filed in February in divorce proceedings with his wife, the author Justine Musk.
"In order to pay the court's prior fee orders and to continue to support Justine and the children at the level to which they are accustomed, I had to obtain emergency loans from personal friends. These loans are the exclusive source of cash that I have. If I did not take these loans, I would have no liquid assets left," the document reads.
"In 2009, I also had phantom interest from a loan to Tesla," the document continues. "The imputed annual interest was $1,097,000, but I did not and could not actually receive this money from Tesla. It was converted to equity. This will cause me to pay taxes even though I didn't receive actual cash income, further straining my cash resources."
In late February, Musk said he had less than $650,000 in liquid assets. He said personal expenses for him, his wife and children amount to $200,000 a month.
In a statement filed with the Securities and Exchange Commission last week, Tesla acknowledged the divorce proceedings and said the automaker believes they will not cause Musk to liquidate his holdings in the company or keep him from continuing as CEO.