Elon Musk Secures $63.1 Billion For Twitter Takeover Bid
Elon Musk said he has secured US$46.5 billion (A$63.12 billion) in financing for his Twitter takeover bid.
While Musk is the world’s richest man, on paper, with a personal wealth of more than A$353 billion, most of it is tied up in Tesla stock and other such assets.
With the new funding, over US$25 billion is coming from loans from Morgan Stanley, Bank of America and Barclays, with another US$21 billion through equity financing.
Musk made a US$54.20-a-share proposal a week ago, and is yet to hear back from the Twitter board. With 9.2 per cent holdings, Musk is the largest single owner of Twitter.
While he has not yet made a formal tender offer, the securing of funding suggests this will come soon.
Musk has made several not-so-subtle references to tender offers over the past few days, mentioning Elvis Presley’s Love Me Tender and F. Scott Fitzgerald’s novel Tender is the Night.