‘Elon Musk lives on loans’

United States

03:00 12.05.2020Shorten URL

US media alleged that Tesla and SpaceX CEO Elon Musk, whose paper assets reached up to $ 30 billion, were living on a loan from the banks.

The Wall Street Journal, Musk, whose debt amount exceeds $ 500 million, Tesla and SpaceX He claimed that his companies had taken loans from banks in exchange for shares. In the news, it was noted that this package, which was worth $ 15 billion a year ago, has now reached $ 28 billion. Musk owns 20 percent of Tesla.

It is recalled that Musk stated that he did not need money at every opportunity, but it was noted that his lawyer said that during the trial process with British cave explorer Vernon Unsworth in 2019, his client had no money to pay compensation. The lawyer noted that the majority of Musk’s assets consisted of shares.

In the news, which stated that banks have the right to require the founder of Tesla to pay off loans before they are planned if the value of the shares falls below a certain level, this possibility is seen to be weak only if taken note the positive trend in the company’s stock prices.