SpaceX’s Elon Musk: “I ran out of cash.” [VentureBeat]

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U.S. President Barak Obama (left, foreground) and Space Exploration Technologies President Elon Musk (right, foreground) at Cape Canaveral Air Force Station, Cape Canaveral, Fla., April 15, 2010. Credit: NASA photo by Bill Ingalls Enlarge Image

SpaceX founder and Chief Executive Elon Musk told a California divorce court in February that he was out of cash and had resorted to borrowing from friends to cover monthly household expenses exceeding $90,000, the website Venturebeat.com reported May 27.

Musk’s ex-wife, Justine Musk, is seeking a financial settlement that includes $6 million cash and a 5-percent ownership stake in SpaceX. Musk says he does not have the money to give her.

“About four months ago, I ran out of cash,” Musk wrote in a Feb. 23 court filing. “In order to pay the court’s prior fee orders and to continue to support Justine and the children at the level to which they are accustomed, I had to obtain emergency loans from personal friends. These loans are the exclusive source of cash that I have. If I did not take these loans, I would have no liquid assets left.”

According to the same court filing, Musk pays himself a salary of $1,690 a month to run SpaceX and another $2,773 to run Tesla Motors, the electric car company he hopes to take public this year with a $50 million assist from Toyota. The article links to court documents showing that Musk collected $4.15 million in interest payments from SpaceX between 2005 and 2007.

 

READ IT AT: [VentureBeat]

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