Musk borrowed $1 billion from SpaceX in same month of Twitter deal
The Wall Street Journal reports that Musk borrowed $1 billion from SpaceX in October 2022, the same month he bought Twitter. The loan was backed by some of Musk’s SpaceX stock and Musk drew all of the funds down the same month. According to a filing with the Federal Communications Commission, as of March 2023, Musk is SpaceX’s largest shareholder with a 42% stake and almost 79% of its voting power. SpaceX had $4.7 billion in cash and securities on hand at the end of 2022.
Musk says Twitter deal will close on Friday
In a video call with bankers who are providing $13 billion in debt financing to his purchase of Twitter, Musk says that he will close the deal on Friday, 28 October. Musk has pledged to provide $46.5 billion in equity and debt financing for the acquisition, which covers the $44 billion price tag plus closing costs. Equity investors, including Sequoia Capital, Binance, Qatar Investment Authority and others have received paperwork for the financing commitment from Musk’s lawyers.
Musk has to comply with a Delaware court judge’s deadline to complete the transaction by the 28th. Twitter declined to comment.
The Boring Company offers extra $15M for San Antonio Loop
The Alamo Regional Mobility Authority says Elon Musk’s The Boring Company has offered an additional $15 million to finance the San Antonio Loop, increasing its initial offer of $27 million to $45 million to support the first phase of the project. Alamo RMA:
That’s a lot of money that’s not coming from taxpayers to improve community transportation. I don’t see anybody else coming and giving us $50 million that’s not funding by taxpayers in some way, shape or form..
The 7.6 mile tunnel is expected to generate a net revenue of $25 million per year from 112,000 commuters daily, with fares between $10 to $13 per passenger.