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.”
