FOX Business: Musk’s $50M loan is for Tesla stock, not a loan

Fox Business Network: “You’ve been clearly in a dispute about that over the past couple of months.” Tesla’s Chairman and CEO Elon Musk on Friday morning tweeted that he’s turned down a $50 million…

FOX Business: Musk's $50M loan is for Tesla stock, not a loan

Fox Business Network: “You’ve been clearly in a dispute about that over the past couple of months.”

Tesla’s Chairman and CEO Elon Musk on Friday morning tweeted that he’s turned down a $50 million loan offer from JPMorgan. The CEO blamed “someone” in the bank for starting the rumor, and added that the situation was a good “see what happens next” kind of case.

Several reporters at the briefings, including Jeannine Edwards, with Dow Jones, called it a cryptic tweet that painted a picture of a company in crisis.

The Bloomberg Television team confirmed with their CNBC colleague Matt Egan that the $50 million loan was for Tesla stock that was repurchased by the bank, though it wasn’t finalized.

The fight over Tesla’s debts and future prompted Tesla to suspend its blog post announcing Musk’s plan to take the company private. The SEC attempted to block Musk’s plan in the SEC’s latest filing, but Musk responded with a tweet on Friday that he would probably be speaking to the SEC before the end of the day.

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