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Musk says he has $46.5B in financing ready to buy Twitter

by todayminutes
April 22, 2022
0

FILE - Tesla and SpaceX CEO Elon Musk arrives on the red carpet for the Axel Springer media award in Berlin on Dec. 1, 2020. 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. The Tesla CEO says in documents filed Thursday, April 21, 2022 with U.S. securities regulators that he’s exploring a tender offer to buy all of the social media platform’s common stock for $54.20 per share in cash. (Hannibal Hanschke/Pool Photo via AP, File)

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.

Last week, Musk announced an offer to buy the social media platform for $54.20 per share, or about $43 billion. At the time, he did not say how he would finance the acquisition.

The Tesla CEO said Thursday in documents filed with U.S. securities regulators that the money would come from Morgan Stanley and other banks, some of it secured by his huge stake in the electric car maker.

Twitter has yet to formally respond to Musk’s offer, but the company has enacted an anti-takeover measure known as a poison pill that could make a takeover attempt prohibitively expensive.

The 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.”

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