Elon Musk borrowed $1 billion from SpaceX in October — the same month he completed his acquisition of Twitter for $44 billion. He paid the entire sum back with interest just one month later.
The documents didn’t reveal why Musk took on the debt, though it wasn’t the first time he used his stake in his own company as collateral for a loan.
At Tesla, Musk holds more than 411 million shares, or a 12.95% stake, making him the electric vehicle company’s largest shareholder., lenders will loan up to 50% of a borrower’s portfolio value at any given time, and will hold onto that stock as collateral. if it didn’t meet production goals for its Raptor engines, which are used to send its Starship rocket into orbit.
The loan represented 11% of the $9 billion in equity the company reported selling since 2009, the filings showed.
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