Elon Musk Borrows IDR 15.1 Trillion From SpaceX When Acquisition X, Used To Be Twitter

Elon Musk withdrew a loan of USD 1 billion (IDR 15.1 trillion) from SpaceX (photo: @cb_doge)

JAKARTA - Elon Musk withdrew a loan of US$1 billion (Rp15.1 trillion) from SpaceX - a rocket company that has been around for two decades - almost at the same time as he acquired Twitter, now known as X, at a price of 44 billion US dollars (Rp667.9 trillion). This report first emerged, from the Wall Street Journal on Tuesday, September 5.

SpaceX approved the $1 billion loan, which was secured with some of Musk's SpaceX shares, in October 2022, and Musk withdrew completely in the same month, as mentioned in the report. Musk took over Twitter ownership in October 2022.

Musk has an agreement with banks to borrow with his company's share guarantees, including electric vehicle manufacturer Tesla, while SpaceX, which is privately owned, has acted as a lender, the report said. The report also added that payments for Twitter further complicate Musk's financial situation.

Musk is SpaceX's largest shareholder with 42% of the company's vote power and nearly 79% of the company's vote power in March, the report said, citing reports to the Federal Communications Commission. SpaceX owns $4.7 billion in cash and securities at the end of last year, according to documents.

Neither SpaceX nor X immediately responded to requests for comment from Reuters.

Elon Musk sold most of his Tesla shares in 2022, both before and after a deal with Twitter, which frustrated investors at the electric vehicle company.

In April 2023, Tesla revealed that the company had further tightened regulations regarding the use of Musk's shares in the company to borrow money, according to a WSJ report.

Apart from Tesla and X, Musk is one of the founders of startup company Neuralink focused on developing brain chips.