September 6, 2023.
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Recent report by the Wall Street Journal (WSJ), it was revealed that Elon Musk, the billionaire entrepreneur, and CEO of SpaceX, withdrew a substantial loan of $1 billion from his rocket company, SpaceX, around the same time he embarked on the acquisition of Twitter, now rebranded as X, for a whopping $44 billion.
The loan, which was backed by a portion of Musk’s SpaceX stock, received approval from SpaceX’s board in October. Notably, Musk promptly drew the entire amount from the loan during the same month, coinciding with his takeover of Twitter.
This move shed light on Musk’s long-established practice of leveraging his ownership stakes in his various companies, including the electric vehicle (EV) giant Tesla.
SpaceX, a privately held entity, has consistently served as Musk’s lender in such financial arrangements. The acquisition of Twitter further complicated Musk’s intricate financial landscape.(www.naija247news.com).
