Musk borrowed $1 bn from SpaceX
Tesla CEO Elon Musk reportedly borrowed $1 billion from his space company SpaceX in October last year in the same month when he finally acquired Twitter for $44 billion.
image for illustrative purpose
San Francisco: Tesla CEO Elon Musk reportedly borrowed $1 billion from his space company SpaceX in October last year in the same month when he finally acquired Twitter for $44 billion. According to the Wall Street Journal, Musk tapped SpaceX “for a $1 billion loan around the time he was acquiring the social-media company formerly known as Twitter”.
SpaceX approved the $1 billion loan in October and Musk “drew all of it down the same month”, according to the report, citing documents.
“Rocket maker has lent the executive money on several occasions over the past few years,” the report noted.
Neither SpaceX nor X (formerly Twitter) immediately responded to the report.
Twitter in April last year announced for the first time that it had entered into a definitive agreement to be acquired by an entity wholly owned by Musk, for $54.20 per share in cash in a transaction valued at approximately $44 billion.
