Shulou(Shulou.com)11/24 Report--

CTOnews.com, September 6 (Xinhua)-- billionaire Musk borrowed $1 billion from SpaceX, the rocket company he has run for 20 years, while buying Twitter (now known as X) for $44 billion, the Wall Street Journal reported on Tuesday. (CTOnews.com Note: about 7.3 billion yuan).

SpaceX approved the loan secured by some of Musk's SpaceX shares in October, and Musk withdrew all the loans in the same month and bought Twitter, the report said, citing documents.

It is reported that Musk has reached an agreement with the bank to borrow against his shares in electric car manufacturer Tesla and other companies, while privately held SpaceX is also his lender, further complicating Musk's financial situation in order to buy Twitter.

Musk was SpaceX's largest shareholder as of March, with 42 per cent of shares and nearly 79 per cent of voting rights, the report quoted a FCC document as saying. SpaceX had $4.7 billion in cash and securities on hand at the end of last year, according to the documents.

Musk sold a large number of Tesla shares in 2022, both before and after the Twitter deal, totaling about $40 billion, which upset Tesla's investors. In April 2023, Tesla disclosed that it had further tightened rules on Musk using his shares in the company to borrow money, according to the Wall Street Journal. In addition to Tesla and X, Musk is a co-founder of brain chip startup Neuralink.

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