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Elon Musk withdrew a mortgage of $1 billion (roughly Rs. 83,062 crore) from SpaceX – the two-decade-old rocket firm run by the billionaire – across the identical time he was buying Twitter, now often called X, for $44 billion (roughly Rs. 3,65,442 crore), the Wall Road Journal reported on Tuesday. SpaceX accepted the $1 billion (roughly Rs. 8,30,625 crore) mortgage, which was backed by a few of Musk’s SpaceX inventory, in October and Musk drew all of it down the identical month, in accordance with the report, citing paperwork. Musk took possession of Twitter in October.

Musk has had preparations with banks to borrow in opposition to his shares in his corporations, together with electrical autos (EV) maker Tesla, whereas privately held SpaceX has served as his lender, the report mentioned, including that paying for Twitter additional sophisticated Musk’s monetary state of affairs.

Musk is SpaceX’s largest shareholder with a 42 % stake and virtually 79 % of its voting energy as of March, the report mentioned, citing a submitting with the Federal Communications Fee. SpaceX had $4.7 billion (roughly Rs. 39,034 crore) in money and securities available on the finish of final 12 months, the paper mentioned, citing paperwork.

Each SpaceX and X didn’t instantly reply to a Reuters request for remark.

Elon Musk offered a large chunk of his Tesla shares in 2022, each earlier than and after the Twitter deal, bringing his whole gross sales to about $40 billion (roughly Rs. 3,32,172 crore) which annoyed buyers within the EV maker.

In April 2023, Tesla disclosed that it had additional tightened guidelines round Musk utilizing his stake within the firm to borrow cash, in accordance with the WSJ report.

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