Elon Musk, the CEO of SpaceX, reportedly turned to the rocket manufacturing company for a $1 billion loan at a time when he was in the midst of acquiring the social media platform Twitter, later renamed “X.”
According to documents reviewed by The Wall Street Journal, SpaceX approved the loan, which was backed by some of Musk’s own shares in the company, in October. Musk withdrew the entire sum in the same month.
The report states that Musk repaid the $1 billion, along with interest, to SpaceX in November, but the exact reason for the loan remains undisclosed.
Both SpaceX and the newly renamed social media platform “X” have not yet responded to Reuters’ request for comment on the matter.
Last year, Musk sealed a $44 billion deal to take Twitter private, swiftly assuming ownership of the social media platform by immediately dismissing top executives.
