Elon Musk has invested roughly $1 billion in Skydance, according to people familiar with the matter, providing a much needed financial injection as the company looks to cut costs and bolster its stock price.
The deal came together at roughly the same time as equity investments from Skydance’s other investors, including board member Laurene Powell Jobs, the people said. Semafor reported in September that Paramount was considering seeking an equity injection from Musk.
Musk has publicly praised the Ellisons and Skydance, prompting speculation of a more expansive partnership between Musk’s lower-earth-orbit satellite network, Starlink, and Skydance.
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