Investing
Elon Musk borrowed $1 billion from SpaceX in same month of Twitter buyout – WSJ
© Reuters. FILE PHOTO: Chief Executive Officer of SpaceX and Tesla and owner of Twitter, gestures as he attends the Viva Technology conference dedicated to innovation and startups at the Porte de Versailles exhibition centre in Paris, France, June 16, 2023. REUTERS/
(Reuters) -SpaceX CEO Elon Musk tapped the rocket maker for a $1 billion loan around the time he was acquiring social media company X, formerly known as Twitter, the Wall Street Journal reported on Tuesday.
SpaceX approved the loan, which was backed by some of his SpaceX stock, in October, and Musk drew all of it down the same month, the newspaper said, citing documents reviewed by it.
Musk paid back the $1 billion with interest to SpaceX in November, the WSJ report said, adding that the reason for the loan could not be determined.
SpaceX and the social media platform X did not immediately respond to a Reuters request for comment.
Last year, Musk closed the $44 billion deal to take Twitter private and took ownership of the social media platform by firing top executives immediately.
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