Elon Musk reportedly invested about $1 billion in Skydance — CNBC

Elon Musk, according to Semafor, invested approximately $1 billion in Skydance, David Ellison’s company. CNBC reports. Representatives of Musk and Skydance did not respond to CNBC’s requests for comment.

Capital raising

As Semafor notes, Musk’s investment is part of Skydance’s broader equity-raising campaign. The report about the investment emerged amid the company’s plans to cut costs. After the publication, Skydance shares lost about 1% of their value.

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Media assets merger

On October 6, Paramount completed its acquisition of Warner Bros. Discovery and named the combined company Skydance. Co-CEOs David Ellison and Ynon Kreiz are to combine the Paramount and Warner Bros. film studios, the Paramount+ and HBO Max streaming services, as well as corporate functions supporting television networks and two news divisions.

Skydance expects to save $6 billion over three years, while its debt burden amounts to nearly $80 billion. David Ellison’s father, Oracle co-founder Larry Ellison, previously invested $1 billion in Musk’s acquisition of Twitter in 2022 and invested in Tesla in 2018, as well as serving on the company’s board of directors.