Elon Musk secures $46.5bn in funding for Twitter deal – The National
- Date: 22-Apr-2022
- Source: The National
- Sector:Financial Markets
- Country:Saudi Arabia
Elon Musk secures $46.5bn in funding for Twitter deal – The National
Billionaire Elon Musk said on Thursday that he has secured a funding commitment of $46.5 billion to finance his bid to buy Twitter and is also considering to initiate a tender offer for its shares, a new filing to the US Securities and Exchange Commission showed on Thursday.
The chief executive and co-founder of the world’s biggest electric vehicle company, Tesla, has personally committed to provide $33.5bn for the deal. This will include $21bn of equity and another $12.5bn coming from margin loans, according to a new filing to the US Securities and Exchange Commission.
Banks, including Morgan Stanley and “certain other financial institutions”, have committed to offer another $13bn in debt secured against Twitter itself, as per the filing.