Wednesday, 27 Nov 2024

Elon Musk secures $46.5bn to fund possible hostile bid for Twitter

Elon Musk secures $46.5bn to fund possible hostile bid for Twitter


Elon Musk secures $46.5bn to fund possible hostile bid for Twitter
1.1 k views

Elon Musk has secured $46.5bn (£35.6bn) in financing to fund a possible hostile bid for Twitter and is putting up $21bn of his own money as part of the package.

On top of that equity, Musk is raising a further $12.5bn for the offer via a margin loan secured against his shares in Tesla, the electric carmaker that he runs as CEO. Morgan Stanley, the US investment bank, is leading a group of financial institutions providing $13bn in debt financing.

Musk, who has more than 82 million followers on Twitter and is a prolific user of the platform, hinted at the weekend that he was considering a tender approach.

The money Musk has personally set aside to fund the possible Twitter bid is less than the $23bn bonus he is now due to collect from Tesla after the electric car company reported record quarterly profits.

Musk, who is already sitting on an estimated $249bn fortune, is in line for the bonus share payout because Tesla hit share price and financial growth milestones in its earnings on Wednesday night.

you may also like

Flight passenger ignites debate after posting photo of traveler's coat thrown over seat
  • by foxnews
  • descember 09, 2016
Flight passenger ignites debate after posting photo of traveler's coat thrown over seat

A traveler who said he was flying on Delta posted a photo on Reddit showing that a passenger had their jacket draped over a seat, sparking a discussion in the comments section.

read more