Elon Musk Withdraws $1 Billion Loan from SpaceX Around Time of Twitter Acquisition: Report

Elon Musk, the enigmatic billionaire behind companies like SpaceX, Tesla, and now X (formerly Twitter), has been making headlines once again. According to a report from the Wall Street Journal, Musk recently withdrew a loan of $1 billion from SpaceX, the rocket company he founded over two decades ago.

The loan, which was backed by Musk’s SpaceX stock, was approved in October and Musk drew down the entire amount that same month. This financial move coincided with Musk’s acquisition of Twitter, now known as X, for a whopping $44 billion. Musk took ownership of the social media platform in October, further complicating his already intricate financial situation.

Musk, who is the CEO of both SpaceX and Tesla, has a history of borrowing against his shares in his companies. While Tesla has been a common source of collateral for Musk’s loans, privately held SpaceX has also served as a lender for the billionaire. As of March, Musk is SpaceX’s largest shareholder with a 42% stake and almost 79% of its voting power.

Despite his significant holdings in SpaceX, the company reportedly had $4.7 billion in cash and securities on hand at the end of last year. Both SpaceX and X have not yet responded to requests for comment on the recent loan withdrawal.

In addition to his ventures in the tech and space industries, Musk is also a co-founder of Neuralink, a brain-chip startup. His financial moves, including the recent loan withdrawal and sale of Tesla shares totaling $40 billion, have not gone unnoticed by investors and analysts.

As Musk continues to make waves in the business world, his strategic decisions and financial maneuvers will undoubtedly be closely watched by industry insiders and observers alike.