Elon Musk Reportedly Invests $1 Billion in Skydance, Shares Reverse Early Gains

Skydance shares reversed course Thursday, falling 2.4% after briefly being halted, following a report that Elon Musk had invested roughly $1 billion in David Ellison's media company. The stock had initially jumped as much as 6% on the news before giving back those gains and turning negative.

Coming together alongside other investors

According to the report, Musk's investment came together around the same time as equity commitments from other Skydance backers, including board member Laurene Powell Jobs. Neither Musk nor Skydance has publicly confirmed the investment. The move comes just over two weeks after Skydance completed its acquisition of Warner Bros. Discovery on October 6, a deal that created a sprawling entertainment company spanning film studios, streaming services, broadcast television and news networks.

Musk's ties to the Ellison family predate this reported investment. Larry Ellison, the Oracle co-founder and David Ellison's father, invested in Musk's 2022 acquisition of Twitter and previously served on Tesla's board, giving the two families an existing business relationship well before Skydance's expansion into one of the industry's largest media conglomerates.