The Guardian by Kari Paul 5/25/2022
The details of Musk’s financing plans were made public on the day that Twitter shareholders gathered for a scheduled meetingElon Musk has secured additional funding to purchase Twitter, according to financial filings made public on Wednesday, moving the billionaire closer to completing the high-profile deal.
The Tesla CEO said in the regulatory filings he has increased his personal funding of the purchase from $27.3bn to $33.5bn and secured an additional $6.25bn in equity financing, reducing the amount of debt the entrepreneur would take on in the $44bn purchase.
The world’s richest man is also in talks with shareholders, including former Twitter CEO Jack Dorsey, for additional financing commitments to fund the deal, he said in the filing.
Musk originally took a $12.5bn margin loan against stock of his electric car maker company Tesla to help fund his purchase of Twitter. But he reduced it to $6.25bn earlier this month after bringing in co-investors.
The latest filing comes after Musk said last week his offer to buy Twitter would not move forward until the company shows proof that spam bots account for less than 5% of the platform’s total users, a move analysts suggest is meant to pressure Twitter to accept a lower sale price.
The details of Musk’s financing plans were made public on the day that Twitter shareholders gathered for their regularly scheduled meeting.
A vote on Musk’s plan to buy the social media platform was not on the agenda, but will take will take place at a yet-undetermined date in the future.
More:
https://www.theguardian.com/technology/2022/may/25/twitter-investor-meeting-musk-takeover-chaos
