Elon Musk Wouldn’t Be the First Car Company Founder to Flame Out
Before there was Elon Musk, there was William Crapo Durant. Billy Durant, as he was known, built one of the world’s biggest makers of horse-drawn carriages, bought control of Buick, co-founded General Motors, was forced out of General Motors, co-founded Chevrolet, regained control of General Motors, speculated on stocks, lost control of General Motors a second time, started Durant Motors, went bankrupt in the Depression, opened a bowling alley, suffered a stroke and died penniless in 1947.
It’s highly unlikely that Musk, one of the world’s richest people, will die penniless, but in other respects he and Durant have a lot in common. They are, or in the case of Durant were, both brilliant, restless builders of empires and defiers of convention who experienced the highest highs and the lowest lows of business.
I talked to some experts on the wild, early days of the automobile to see what Musk and the rest of us could learn from that period of ferment and creativity. One thing I found out is that the world is not always kind to visionaries with self-control issues. Durant flamed out at G.M. twice. In contrast, the prudent organization man who eventually succeeded him, Alfred Sloan, went from success to success. Renowned institutions bear his name.
