The CEO of “SpaceX” Elon Musk asked his rocket company to obtain a billion-dollar loan, while he was acquiring the social networking company Twitter, which later changed its name to “X” the Wall Street Journal reported Tuesday.
SpaceX approved the $1 billion loan, which was backed by some of Musk's SpaceX stock, in October and Musk drew all of it down the same month, according to the report, citing documents. Musk took ownership of Twitter in October.
Musk is SpaceX's largest shareholder with a 42 per cent stake and almost 79 per cent of its voting power as of March, the report said, citing a filing with the Federal Communications Commission. SpaceX had $4.7 billion in cash and securities on hand at the end of last year, the paper said, citing documents.
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