It was not clear how much Maezawa paid for the trip.
Yusaku Maezawa, a Japanese billionaire entrepreneur and art collector.
No one has gone to the moon since the Apollo astronauts, with the last trip in 1972.
In 2017, Mr Musk announced that he would be sending two paying passengers on a loop around the Moon - which was to have launched as early as this year.
Musk introduced Yusaku Maezawa, founder of the global custom-fit clothing company Zozo and an avid art collector, as the one who is investing in the spaceship project in order to take the trip, possibly in 2023.
"Ever since I was a kid I have loved the moon", Maezawa said. According to Forbes, Maezawa has a fortune of $3 billion.
Big Falcon Rocket
The fashion tycoon says he intends to take along artists from around the world who will then create artworks based on the experience, to help "inspire the dreamer within each of us". "Some of Earth's greatest talents will board a spacecraft and be inspired in a way they have never been before", Maezawa's new #dearMoon website reads.
The overall design of the Big Falcon Rocket seems like a hybrid of a giant rocket booster and a large capacity cargo spaceship which could accommodate up to 100 passengers comfortably.
SPACEX has posted a bombshell tweet over the identity of the first tourist who will fly around the Moon.
Musk's made the announcement during a brief event streamed live online. Musk said, however, that the down payment alone was "significant".
"I'm not sure if we will test a flight around the Moon or not, but we will probably try doing that before sending any people". The reusable 387ft rocket will have its own dedicated passenger ship.The mission will not involve a lunar landing.
And the 2023 date, by the way, is far from set in stone: A lot of development and testing work will have to go well for SpaceX to hit that target, Musk said.
SpaceX has had a string of successful rocket launches, but that has been overshadowed by the struggles of Musk's Tesla electric auto company to deliver and his behavior.More news: Strong winds but warmer weather ahead as ex-hurricane Helene hits