The Tesla Motors name was originally trademarked in 1994 by a man named Brad Siewart and he was reluctant to sell the trademark to Musk when he approached him a decade later.
Musk tweeted: "Tesla was almost called Faraday, as original holder of Tesla Motors trademark refused to sell it to us.
"We sent the nicest person in the company to sit on his doorstep until he at least talked to us and then he said yes."
Siewart eventually agreed to sell the trademark for $75,000, while the name Faraday was used by a rival car startup in 2014.
However, the problems didn't end there for Musk, who admitted that obtaining the website name Tesla.com cost him $11 million and took over 10 years.
He tweeted: "Buying Tesla.com took over a decade, $11M & amazing amount of effort. Didn't like teslamotors.com even when we were only making [cars].
"Still can't believe how hard it was to get Tesla.com!"