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.
Twitter signs and equipment to be auctioned
In part due to its rebrand, X announces it is auctioning off a large number of Twitter-branded items, including the bird logo that was previously on the outside of the building. Other items for sale include sculptures, booths, chairs, computers, couches, musical equipment and artworks.
The auction, hosted by Heritage Global Partners, will start on September 12 at 7 a.m. PST and end on September 14 at 9 a.m. PST. All items have a starting bid of $25. They are all being sold out of X headquarters in San Francisco. According to HGP’s terms and conditions, buyers must use the items in their businesses and cannot purchase them for personal use.
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.