Elon Musk reportedly invested roughly $1 billion in David Ellison’s Skydance

Elon Musk reportedly invested roughly $1 billion in David Ellison’s Skydance, Rohan Goswami reported for Semafor on Oct. 22, citing people familiar with the matter. Semafor described the investment as a financial injection for the company as it looks to cut costs and bolster its stock price.

The deal came together at roughly the same time as equity investments from other Skydance backers, including board member Laurene Powell Jobs, the people told Semafor. The outlet reported in September that Paramount was considering seeking an equity injection from Musk.

Semafor said Musk and Paramount did not immediately respond to requests for comment. Its report did not specify Musk’s ownership stake or a precise transaction date.