Musk Secures $ 46.5 Billion in Funding to Procure Twitter
- A US regulatory filling on Thursday shared the figures.
- Musk alone committed to invest $ 33.5 billion into Twitter Inc.
- Musk the largest shareholder in the firm proposed to buy the microblogging site.
According to a filing with the US regulators on Thursday, Tesla’s CEO aspiring to acquire Twitter Inc secured $4.6 billion in funding to buy the social messaging app and its shares.
Elon Musk himself is committed to putting up $33.5 billion which includes $21 billion of equity and $12.5 billion of margin loans, to finance the transaction. Banks including Morgan Stanley have also agreed to fund another $ 13 billion the filing indicated in the filing.
However, Twitter was not available for comments at the moment.
Musk’s latest move comes after the microblogging firm failed to respond to his offer and adopted a poison pill to thwart the billionaire’s effect to buy the celebrated platform for $ 34 billion.
Musk, an active Twitter user with over 80 million followers on the platform, has made of a number of announcements on the platform, including some that have landed him in hot water with U.S. regulators.
In 2018, Musk tweeted he had “funding secured” to take Tesla Inc. private for $420 per share – a move that led to millions of dollars in fines and him being forced to step down as chairman of the electric car company to resolve claims from the U.S. securities regulator that he defrauded investors.