Billionaire Elon Musk reportedly secured a $1 billion loan from his rocket company, SpaceX, in October - a move that coincided with his $44 billion acquisition of the social media giant, Twitter, which has since been renamed X.
According to the Wall Street Journal, the advance was reportedly backed by a portion of Musk's SpaceX stock. In the past, he has secured finance against Tesla Inc (NASDAQ:TSLA) stock. Musk is the CEO of Tesla.
Following his acquisition of Twitter, Musk's financial landscape became more intricate. In a separate move in 2022, Musk sold a significant portion of his Tesla shares, amounting to roughly $40 billion, which drew the ire of some investors, said the WSJ.
By April 2023, Tesla had implemented stricter regulations concerning Musk's ability to borrow against his stake in the company, the report noted. Both SpaceX and X have yet to comment.