SpaceX Issues $25 Billion in Investment-Grade Bonds to Refinance Musk's Costly Debt
SpaceX sold $25 billion in investment-grade bonds to replace costly debt that had financed Elon Musk's 2022 acquisition of X (formerly Twitter) and expensive loans/bonds issued by AI lab xAI. The move allows Musk to add billions in debt to his cash-burning empire while simultaneously cutting its annual interest burden, described as a form of financial alchemy.
Key quotes
Elon Musk is no stranger to financial alchemy.
His latest feat: adding billions of dollars of debt onto his cash-burning business empire while simultaneously cutting its annual interest burden.
SpaceX sold $25 billion of investment-grade bonds on Tuesday, marking the final step to replace the costly debt that had helped finance Musk's 2022 acquisition of X.
From the article
Elon Musk is no stranger to financial alchemy. His latest feat: adding billions of dollars of debt onto his cash-burning business empire while simultaneously cutting its annual interest burden.
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