The SpaceX founder withdrew the funds after it was approved by the company in October, according to the Wall Street Journal.
The publication cited documents that showed Musk was SpaceX’s largest shareholder with a 42% stake with around 79% of the voting power in March.
The rocket maker reportedly had $4.7bn in cash at the end of 2022, according to the publication.
Musk’s financial history has worried Tesla investors, which started when the billionaire began selling large chunks of his Tesla shares in April last year to help fund the purchase of X.
The Tesla CEO told investors he would publicly stop on several occasions but continued up until the end of 2022.
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Musk sold $8.5bn worth of shares in April, followed by another load in August, November and December. Ending at a total of around $22.9bn last year.
Tesla subsequently lost 60% of its value last year, as the combination of Musk’s sold stock and concerns that Twitter took up too much of the CEO’s time worried investors.
In April 2023, according to the publication, Tesla announced they had enforced tighter restrictions into how Musk can use the company to borrow money.