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Elon Musk, the visionary entrepreneur, reportedly secured a substantial loan of $1 billion from his aerospace company, SpaceX, at the same time he was orchestrating the acquisition of Twitter, now rebranded as X, for a staggering $44 billion. This financial maneuver, revealed by the Wall Street Journal, sheds light on Musk’s intricate financial strategy.
The loan, approved by SpaceX and backed by a portion of Musk’s SpaceX stock, was initiated in October. Remarkably, Musk swiftly accessed the entire $1 billion loan in the very same month he assumed ownership of Twitter.
Musk’s financial arrangements have involved leveraging his holdings in various companies, including the electric vehicle giant Tesla. However, SpaceX, a privately held company, has notably served as his lending source, adding an intriguing layer to his financial landscape. Acquiring Twitter further complicated Musk’s already intricate financial web.
As of March, Musk holds a commanding 42 percent stake in SpaceX, along with nearly 79 percent of its voting power, as disclosed in a Federal Communications Commission filing. The aerospace company boasted a substantial $4.7 billion in cash and securities at the close of the previous year, underscoring its robust financial position.
Requests for comments from both SpaceX and X regarding this financial development remain unanswered at the time of reporting.
Notably, Elon Musk executed significant sales of his Tesla shares in 2022, both before and after the Twitter deal, amassing approximately $40 billion in total sales. This move, while strategically sound, did raise concerns among investors in the electric vehicle giant.
In April 2023, Tesla disclosed tightened regulations surrounding Musk’s utilization of his stake in the company for borrowing purposes, reflecting Musk’s commitment to maintaining a balance between his ventures and financial stability.
In addition to his involvement with Tesla and X, Musk also co-founded Neuralink, a pioneering brain-chip startup, showcasing his unwavering dedication to innovation across diverse industries.
