Elon Musk says he has lined up $46.5 billion in financing to buy Twitter, and he’s trying to negotiate an agreement with the company.
Elon Musk says he has lined up $46.5 billion in financing to buy Twitter, putting pressure on the company’s board to negotiate a deal.
Twitter has yet to formally respond to Musk’s offer, but the company has enacted an anti-takeover measure known asThe company said in a statement Thursday that it received Musk’s updated proposal and “new information on potential financing” and said its board is “committed to conducting a careful, comprehensive and deliberate review.
Musk’s documents say that $13 billion in financing would come from Morgan Stanley and the other banks. As much as $12.5 billion would be loans secured by Musk’s Tesla stock, and he also committed $21 billion in direct or indirect equity, although he didn’t disclose the source of those funds. The filing says that the equity commitment could be reduced by contributions from others or additional debt taken on.
Musk’s latest move shows him “ratcheting up the seriousness of purpose” by lining up prominent banks that could finance his bid, said Donna Hitscherich, a finance professor at Columbia University. “The market is waiting for this to come to a head” and for competing bidders to come forward, said Olaf Groth, a business professor at UC Berkeley.
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