Elon Musk borrowed $1 billion from SpaceX when he bought Twitter: report

[ad_1]

It is not clear whether the amount was used to acquire the social network, now called X. At the same time, the billionaire also asked banks for money. Elon Musk, CEO of SpaceX and Tesla and owner of Twitter, during the Viva Technology conference in Paris, June 16, 2023 REUTERS/ Gonzalo Fuentes Elon Musk took out a $1 billion loan from SpaceX around the same time it was acquiring Twitter, now known as X, according to information from the Wall Street Journal (WSJ). SpaceX approved the loan and Musk withdrew the entire amount in the same month, according to the report. After back and forth, Musk took ownership of Twitter in October 2022, paying $44 billion. Musk made deals with banks to obtain funds during the acquisition of the platform. According to the newspaper, the purchase of the social network complicated the financial situation of Musk, who is the richest man in the world. Wanted, both SpaceX and X did not immediately respond to Reuters. Before and after the Twitter deal, Musk sold a large portion of his Tesla shares, frustrating investors in the electric vehicle maker, who were also bothered by his excessive attention on the social network. In April 2023, Tesla disclosed that it had further tightened rules around Musk about using his stake in the company to borrow money, according to the WSJ report. In addition to Tesla and X, Musk is a co-founder of brain chip startup Neuralink. Who is Elon Musk Who is Elon Musk, billionaire named ‘Person of the Year’ by ‘Time’ magazine Twitter gets new visual identity with a big “X” Twitter gets new visual identity with a big “X” SpaceX’s Starship rocket explodes after launch G1 in 1 Minute: SpaceX’s Starship rocket explodes after launch ALSO READ: StopClub: the application that fights Uber after allowing ‘automatic refusal’ of races by drivers ‘ChatGPT on WhatsApp’ converts audio message into text and creates images; Here’s How to Use Google Test Watermark to Flag AI-Created Images

[ad_2]

Source link