Elon Musk says he has $46.5B in financing ready to buy Twitter
Elon Musk's Tweet displayed on a screen and Twitter logo displayed on a phone screen are seen in this illustration photo taken in Krakow, Poland on April 14, 2022. (Photo illustration by Jakub Porzycki/NurPhoto via Getty Images)
Elon Musk says he has lined up $46.5 billion in financing to buy Twitter, and he's trying to negotiate an agreement with the company.
Last week, Musk announced an offer to buy the social media company for $54.20 per share, or about $43 billion. At the time, he did say how he would finance the acquisition.
The Tesla CEO says Thursday in documents filed with U.S. securities regulators that he's exploring what's known as a tender offer to buy all of the social media platform's common stock for $54.20 per share in cash. Under a tender offer Musk, who owns about 9% of Twitter shares, would take his offer directly to other shareholders, bypassing the board.
But Musk hasn't decided yet whether to do that.
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The documents say Twitter has not responded to Musk's proposal.
Last week, Twitter's board adopted a "poison pill" defense that could make a takeover attempt prohibitively expensive.
The filing states that "entities related to (Musk) have received commitment letters committing to provide an aggregate of approximately $46.5 billion."