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 and Paramount did not immediately respond to requests for comment.
Musk was among a number of wealthy individuals that Paramount CEO David Ellison was considering working with for an investment. Musk and David Ellison’s father, Oracle founder Larry Ellison, have long been close, and it is in part the elder Ellison’s money — and connections — that made Paramount’s takeover of Warner Bros. possible. Larry Ellison has personally guaranteed more than $40 billion of the equity financing for Paramount’s acquisition of Warner Bros.
Larry Ellison invested $1 billion in Musk’s 2022 deal to take X, formerly Twitter, private. He also invested in Tesla in 2018, and served on the company’s board of directors for years.