NEW YORK, Sept 6 — Elon Musk withdrew a loan of US$1 billion (RM4.67 billion) from SpaceX — the two-decade-old rocket company run by the billionaire — around the same time he...
NEW YORK, Sept 6 — Elon Musk withdrew a loan of US$1 billion from SpaceX — the two-decade-old rocket company run by the billionaire — around the same time he was acquiring Twitter, now known as X for US$44 billion, theSpaceX approved the US$1 billion loan, which was backed by some of Musk’s SpaceX stock in October and Musk drew all of it down the same month, according to the report, citing documents. Musk took ownership of Twitter in October.
Musk has had arrangements with banks to borrow against his shares in his companies, including electric vehicles maker Tesla, while privately held SpaceX has served as his lender, the report said, adding that paying for Twitter further complicated Musk’s financial situation. Musk is SpaceX’s largest shareholder with a 42 per cent stake and almost 79 per cent of its voting power as of March, the report said, citing a filing with the Federal Communications Commission. SpaceX had US$4.7 billion in cash and securities on hand at the end of last year, the paper said, citing documents.
In April 2023, Tesla disclosed that it had further tightened rules around Musk using his stake in the company to borrow money, according to the WSJ report said.Advertisement
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