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.
Last week, Musk announced an offer to buy the social media company for $54.20 per share, or about $43 billion. At the time, he did not say how he would finance the acquisition.
The company said its board is “committed to conducting a careful, comprehensive and deliberate review to determine the course of action that it believes is in the best interest of the company and all Twitter stockholders.” Musk said that $13 billion in financing came from Morgan Stanley and the other banks, as much as $12.5 billion would be loans secured by his Tesla stock, and committed $21 billion in equity, “directly or indirectly” from him, although he didn’t say what the source of those funds would be. 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. Shares of Twitter rose slightly to $46.95 in Thursday afternoon trading, after the financing became public. The share price is $7.25, or 13% below Musk’s offer.
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