Tech billionaire Elon Musk borrowed $1 billion from his company SpaceX just before buying Twitter, according to a report.
A Tuesday report from The Wall Street Journal found that SpaceX, the space flight company owned by Mr. Musk, approved a $1 billion loan last October backed up by company stock. He apparently repaid the loan, with interest, one month later.
When Mr. Musk took out the loan, he was in the final stages of purchasing the social media platform for $44 billion. He has since changed the site’s name to X.
According to the report, SpaceX had $4.7 billion in cash and securities at the end of last year.
• Vaughn Cockayne can be reached at vcockayne@washingtontimes.com.
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