Elon Musk purchased Twitter (now X), in October 2022, for a staggering $44 billion after dilly dallying for months. Whereas he ranted in regards to the bloated value, he selected to purchase out the chicken app after a courtroom order. Evidently, the richest billionaire didn’t purchase the app out of his pocket. He took a considerable mortgage from lenders together with Financial institution of America, Morgan Stanley, Barclays, and others. Apart from $13 billion in debt from banks, Musk and his companions had invested over $30 billion within the deal.
Based on an exlcusive within the Wall Avenue Journal, across the similar time in October, Musk borrowed $1 billion from his firm SpaceX. The mortgage was apparently authorized, backed by Musk’s shares. Musk has the biggest stake within the firm, with a 42% stake and 79% voting energy. Based on the paperwork cited by the WSJ, the area agency had $4.7 billion in money and securities on the finish of 2022. Musk additionally bought his majority shares in Tesla earlier than and after the Twitter buy.
Elon Musk borrowed $1 billion from SpaceX. That very same month he acquired Twitter. https://t.co/qPZJF2DLST
— The Wall Avenue Journal (@WSJ) September 6, 2023
Reportedly, the billionaire has paid off the SpaceX mortgage in full.
Musk repaid the mortgage in November, and it is not clear why it was taken. https://t.co/HvAJuAHT84
— Barron’s (@barronsonline) September 6, 2023
Twitter underwent a significant overhaul as quickly as Musk took over the birdhouse in San Francisco. It began with a mass exodus and was adopted by an enormous layoff that triggered layoffs throughout Silicon Valley. Former administration was scrapped as Musk grew to become the interim CEO. Paid blue checks have been launched and suffered an enormous backlash initially. The app obtained rebranded as X in August, in keeping with Musk’s imaginative and prescient of constructing an every thing app. Whereas some advertisers have deserted the platform since Musk’s takeover, the billionaire would not appear to be bothered. His urgent concern in the meanwhile is a cage struggle along with his nemesis, Mark Zuckerberg.
See Additionally: ‘Why Received’t He Battle Me?’ Elon Musk Challenges Mark Zuckerberg For A Cage Battle. Once more!