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Musk Says He Has Billions Ready To Buy Twitter.
Tesla CEO Elon Musk says he has lined up $46.5 billion in financing to buy Twitter. Moreover, he plans to start a tender offer for its shares, a filing with the US regulators showed on Thursday.
Elon Musk says he's exploring a tender offer to buy all of the social media platform's common stock for $54.20 per share in cash in documents filed with US securities regulators.
The documents say social media platform Twitter has not responded to Tesla CEO's proposal.
Elon himself has committed to putting up $33.5 billion that will, including $21 billion of equity and $12.5 billion of margin loans, to finance the transaction. According to the regulatory filing, banks, including Morgan Stanley, have agreed to provide another $13 billion in debt secured against Twitter itself.
The filing states "entities related to (Musk) have received commitment letters committing to provide an aggregate of approximately $46.5 billion."
In a tender offer, Elon Musk, who owns about 9% of Twitter shares, would go directly to other shareholders, bypassing the board.
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