Matt Levine’s Money Stuff: Elon Called Off His Margin Loan

Programming note: Money Stuff will be off tomorrow and Monday, back on Tuesday, May 31.

Musk Stuff

Last month, Elon Musk committed to fund his $46.5 billion purchase of Twitter Inc. with the following sources of money:

• $13 billion of traditional leveraged finance debt, borrowed by Twitter at closing.

• $12.5 billion of margin loans, borrowed by Musk personally, secured by his Tesla Inc. stock, at a 20% loan-to-value ratio. So he had to put up $62.5 billion of Tesla stock to secure this $12.5 billion loan.

• $21 billion of equity, that is, his own money. He probably ...