Elon Musk Borrowed $1B Loan From SpaceX Amid Twitter Buy | Entrepreneur

Elon Musk secured a $1 billion loan from SpaceX, the company he heads as CEO, around the time of his acquisition of the social media platform X, formerly known as Twitter, The Wall Street Journal reported.The loan, backed by his SpaceX stock, was approved and drawn down in October 2022 but the reason for acquiring it remains unknown. Musk promptly repaid the loan, including interest, to SpaceX the following month. Musk’s substantial ownership of SpaceX allows him to access loans from the company itself, given his 42% stake and significant voting power.The unconventional move exemplifies how Musk, the world’s wealthiest person, has the ability to generate cash from his various enterprises without relinquishing shares, allowing him to fund his diverse projects. Related: Elon Musk’s X Is Going to Find Out Where You Work and Another Very Personal Piece of Data — Here’s WhyLast fall, SpaceX was in the midst of significant investments in its Starship rocket program and Starlink satellite internet business when Musk borrowed the money. The $1 billion loan temporarily redirected a substantial portion of SpaceX’s capital, despite the company’s ongoing involvement in various space missions for NASA and the Pentagon, the WSJ added. Elon Musk took out
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