Musk said in a filing Thursday that he has lined up more than US$25 billion in debt commitments from Morgan Stanley and other institutions to finance his takeover of the social media company. (The Logic)
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Musk said in a filing Thursday that he has lined up more than US$25 billion in debt commitments from Morgan Stanley and other institutions to finance his takeover of the social media company. (The Logic)
Talking point: The filing answers a key question that has lingered since Musk announced his bid on April 14: How will he finance the acquisition? Twitter’s board hasn’t yet responded to the billionaire’s offer of US$54.20 per share for the company. The loans to Musk are secured by his Tesla stock, with the tech magnate personally committing US$21 billion of his equity to the deal, according to The Wall Street Journal. Twitter’s board (which adopted a poison pill to prevent a hostile takeover) is likely to reject the deal, people familiar with the matter told The Journal, although the financing commitments could make the company’s board more willing to negotiate with Musk. Twitter stock was little changed Thursday.
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