Elon Musk Claims He Raised $46.5 Billion to Finance Twitter Takeover - Rolling Stone
×
×
Home Culture Culture News

Elon Musk Claims He Raised $46.5 Billion to Finance Twitter Takeover

Tesla CEO says in SEC filing that Morgan Stanley and other banks will loan $25.5 billion toward purchasing Twitter, although no tender offer has been made yet

CEO of Tesla Motors Elon Musk speaks at the Tesla Giga Texas manufacturing "Cyber Rodeo" grand opening party on April 7, 2022 in Austin, Texas. - Tesla welcomed throngs of  electric car lovers to Texas on April 7 for a huge party inaugurating a "gigafactory" the size of 100 professional soccer fields. (Photo by SUZANNE CORDEIRO / AFP) (Photo by SUZANNE CORDEIRO/AFP via Getty Images)CEO of Tesla Motors Elon Musk speaks at the Tesla Giga Texas manufacturing "Cyber Rodeo" grand opening party on April 7, 2022 in Austin, Texas. - Tesla welcomed throngs of  electric car lovers to Texas on April 7 for a huge party inaugurating a "gigafactory" the size of 100 professional soccer fields. (Photo by SUZANNE CORDEIRO / AFP) (Photo by SUZANNE CORDEIRO/AFP via Getty Images)

Elon Musk

AFP via Getty Images

Elon Musk’s pursuit of Twitter continued Thursday with the Tesla CEO claiming in an SEC filing that he has raised $46.5 billion to fund the purchase of the social network.

In the amended filing, Musk claims that Morgan Stanley Senior Funding and other “commitment parties” — including Bank of America, Barclays, and other banking institutions, CNBC reports — will provide $25.5 billion in debt financing, with Musk offering up $21 billion in equity financing.

Despite the funding and commitments, Musk “has not commenced, or determined to commence, any tender offer for Shares of Twitter,” the filing states, while adding that Twitter has made no attempt to negotiate a deal with Musk.

Musk, who currently owns a 9.2% stake in Twitter, previously made a “best and final” offer to buy the remaining shares of Twitter he did not already own for $54.50 a share, or for about $43 billion in total. Twitter responded to Musk’s takeover attempt last week by adopting a “poison pill” for shareholders that capped anyone from owning over 15% of the company.

After the initial 9.2% purchase, Twitter revealed that Musk had decided not to join the public company’s board of directors, despite then being the largest stakeholder in Twitter; the investment company Vanguard Group has since purchased a 10% stake in the company.

“I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy,” Musk wrote. “However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company.”

Morgan Stanley did not immediately respond to Rolling Stone’s request for comment regarding Musk’s SEC filing.

In This Article: Elon Musk, Twitter

Newswire

Powered by
Arrow Created with Sketch. Calendar Created with Sketch. Path Created with Sketch. Shape Created with Sketch. Plus Created with Sketch. minus Created with Sketch.