Elon Musk invests $1 billion in CNN-owner Skydance: Report
Elon Musk has invested roughly $1 billion in Skydance, Semafor reported on Thursday. Musk’s alleged investment provided a major financial boost to the Hollywood studio as it seeks to cut costs, strengthen its balance sheet and accelerate its technology strategy following its merger with Paramount, according to the report by Semafor.
The investment was made alongside additional equity contributions from existing Skydance investors, including board member Laurene Powell Jobs, the publication reported. The funding comes after reports last month that Skydance was exploring an equity investment from Musk.
