I'm not really sure - I think that depends on the details of how X Holdings is set up, which I'm not going to bother looking into. I should've used a more general term like "creditor", but the point remains.

We don't have really any visibility into what short- and long-term obligations Musk owes the various financing parties.

Edit: https://www.reuters.com/markets/deals/saudis-kingdom-holding... says Saud is keeping their ownership stake post-merger (they just love free speech!), so I do not think Musk is a 100% shareholder.