Although Nikola Tesla was a brilliant inventor, he never had much skill in handling the financial aspect of business. He often found himself in debt, despite his numerous patents and inventions.
In 1905, Tesla lost his main investor, George Westinghouse, as a result of financial problems faced by the Westinghouse Electric Company. As a result, Tesla began to face increasing financial difficulties. He eventually lost many of his laboratories and properties due to debt collection and foreclosure actions.
In order to survive financially, Tesla had to sell many of his patent rights to other inventors, including Thomas Edison, in order to pay off his debts. This made him feel betrayed, as he believed that his works were being exploited by others.
The financial crisis had a lasting effect on Tesla's life and career. He spent the rest of his life striving to recover financially, but was never able to fully regain his financial independence.
While the financial crisis was a significant obstacle in Tesla's life, it also served as an important lesson for other inventors and entrepreneurs, emphasizing the importance of managing the financial side of business well.