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Musk may have borrowed $1 billion from SpaceX to buy Twitter

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Musk may have borrowed $1 billion from SpaceX to buy Twitter

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Citing obtained documents, The Wall Street Journal reported that Elon Musk withdrew a loan of $1 billion from SpaceX in October 2022. At the time, the billionaire was acquiring Twitter, now known as X, for $44 billion. Notably, the purpose of the loan remains unknown. In November 2022, the loan was fully repaid. Meanwhile, a billion dollars is a hefty sum in SpaceX’s budget. The total amount of the loan amounted to 11% of $9 billion of the company's capital. In addition, the entrepreneur chose a bad time to get a loan when SpaceX was making large investments in the Starship rocket program and Starlink satellite communications initiative. It seemed suspicious that around the same time, Musk urged SpaceX employees to watch their spending. Earlier, he warned that the company could face bankruptcy as it plowed cash into the huge rocket and Starlink. However, the entrepreneur did not want to save money when he acquired the social network.

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