According to a filing with US regulators on Thursday, Elon Musk has obtained $46.5 billion in funds to buy Twitter Inc and is exploring a tender offer for its shares. Musk has pledged to investing $33.5 billion in the transaction, including $21 billion in equity and $12.5 billion in margin loans.
According to the petition, banks, including Morgan Stanley, have agreed to contribute another $13 billion in loans secured against Twitter. Twitter did not respond to a request for comment right away.
After failing to reply to Musk’s offer, Twitter implemented a “poison pill” to derail the billionaire’s attempt to buy the social media network for $43 billion.
Musk, a self-described “free speech absolutist,” has claimed that in order for the social media firm to develop and become a platform for free speech, it needs to be taken private.
According to Reuters, Musk’s bid has piqued private equity interest in partnering in a Twitter purchase, citing people familiar with the situation.
Apollo Global Management Inc is looking at ways to fund any acquisition and is willing to work with Musk or any other bidder, while Thoma Bravo has said on Twitter that it is looking into putting together a proposal.
Musk, a frequent Twitter user with more than 80 million followers, has made a number of announcements on the medium, some of which have gotten him into trouble with US regulators.
Musk tweeted in 2018 that he had “funding secured” to take Tesla Inc private for $420 per share, resulting in millions of dollars in fines and his forced resignation as chairman of the electric car company to settle claims from the US Securities and Exchange Commission.
