Elon Musk's Billion-Dollar Borrowing Spree: SpaceX Funds His Twitter Acquisition
Elon Musk borrowed $1 billion from SpaceX in the same month he acquired Twitter for $44 billion. SpaceX approved the $1 billion loan to Musk in October 2022, and he drew down the full amount that same month, the same month he took ownership of Twitter. The loan from SpaceX was backed by some of Musk's shares in the private space company, as Musk has arrangements to borrow against his stakes in Tesla and SpaceX from the companies. Musk owns about 42% of SpaceX shares and almost 79% of its voting power. SpaceX had $4.7 billion in cash/securities at the end of 2021.
Transcript
00:00 It's Benzinga and here's what's on the block.
00:02 Elon Musk borrowed $1 billion from SpaceX in the same month that he acquired Twitter
00:07 for $44 billion.
00:09 SpaceX approved the $1 billion loan to Musk in October 2022, and he drew down the full
00:14 amount that same month, the same month he took ownership of Twitter.
00:19 The loan from SpaceX was backed by some of Musk's shares in the private space company,
00:23 as Musk has arrangements to borrow against his stakes in Tesla and SpaceX from the companies.
00:29 Musk owns about 42% of SpaceX shares and almost 79% of its voting power.
00:35 SpaceX had $4.7 billion in cash securities on hand at the end of 2021.
00:40 For all things money, visit Benzinga.com.
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