Elon Musk borrowed $1 billion from SpaceX in the same month that he took over Twitter, according to a report

Elon Musk withdrew a $1 billion (approximately Rs. 83,062 crore) loan from SpaceX, the billionaire's two-decade-old rocket firm, around the same time he was acquiring Twitter, now known as X, for $44 billion (about Rs. 3,65,442 crore), according to the Wall Street Journal on Tuesday. According to the story, which cites records, SpaceX authorized the $1 billion (approximately Rs. 8,30,625 crore) loan in October, and Musk pulled it all down the same month. Musk purchased Twitter in October.

Musk has had agreements with banks to borrow against his shares in his firms, including Tesla, while privately owned SpaceX has functioned as his lender, according to the article, which adds that paying for Twitter has further complicated Musk's financial condition.

According to a filing with the Federal Communications Commission, Musk is SpaceX's largest stakeholder, with a 42 percent ownership and over 79 percent of voting power as of March. According to papers, SpaceX had $4.7 billion (approximately Rs. 39,034 crore) in cash and securities on hand at the end of last year.

Both SpaceX and X did not immediately reply to a request for comment from Reuters.

Elon Musk sold a large portion of his Tesla stock in 2022, both before and after the Twitter acquisition, increasing his total sales to almost $40 billion (approximately Rs. 3,32,172 crore), which irritated Tesla investors.

According to the WSJ, Tesla reported in April 2023 that it has tightened regulations around Musk using his share in the firm to borrow money.

Musk is a co-founder of the brain-chip business Neuralink, in addition to Tesla and X.