Elon Musk invests $1 billion in Skydance amid funding push
Business
Elon Musk has invested about $1 billion in Skydance. Skydance expects to see $6 billion in cost savings over the next three years.
Even with this big move, Skydance shares fell about 1%. The investment is part of a bigger push for fresh funding as the company tries to get its finances on track.
Skydance faces nearly $80 billion debt
Skydance is dealing with nearly $80 billion in debt.
Larry Ellison (yes, the Oracle co-founder and David Ellison's dad) played a huge role in making that deal happen. He even guaranteed over $40 billion for it.
Larry Ellison has backed Musk's projects before, so this latest team-up could be key to helping Skydance find its financial footing.