00:00 It's Benzinga and here's what's on the block.
00:02 Elon Musk borrowed $1 billion from SpaceX in the same month that he acquired Twitter
00:07 for $44 billion.
00:09 SpaceX approved the $1 billion loan to Musk in October 2022, and he drew down the full
00:14 amount that same month, the same month he took ownership of Twitter.
00:19 The loan from SpaceX was backed by some of Musk's shares in the private space company,
00:23 as Musk has arrangements to borrow against his stakes in Tesla and SpaceX from the companies.
00:29 Musk owns about 42% of SpaceX shares and almost 79% of its voting power.
00:35 SpaceX had $4.7 billion in cash securities on hand at the end of 2021.
00:40 For all things money, visit Benzinga.com.
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