Article Image

IPFS News Link • Business/ Commerce

Elon Musk says he's secured $46.5 billion to buy Twitter

• By Theo Wayt

The Tesla tycoon is also considering mounting a tender offer — which would involve trying to buy up stock from existing shareholders at $54.20 per share — in order to grow his stake in Twitter, the filing shows. 

Twitter rose 0.6% on the news to $46.98 but remain well below Musk's proposed takeover price of $54.20, indicating that investors are still skeptical that the deal will go through. 

"He's making the offer and it's not conditioned on financing or business due diligence," a hedge fund manager reviewing the situation told The Post, adding that he was surprised at the speed Musk's dealmaking team is moving.

According to Musk's Securities and Exchange Commission filing, funding for his Twitter takeover bid consists of a $21 billion equity commitment from Musk as well as a variety of loans and financing commitments totaling $25.5 billion from several banks guaranteed by his financial advisor Morgan Stanley.