Home TECH Elon Musk pledges more equity to fund Twitter deal

Elon Musk pledges more equity to fund Twitter deal

- Advertisement -


Elon Musk on Wednesday pledged an additional $ 6.25 billion in equity financing to fund the $ 44 billion offer for Twitter, reducing the billionaire’s margin loan against his Tesla shares to zero.

The disclosure made in a regulatory filing on Wednesday signaled Musk is working to complete the deal even though he had last week linked its progress to Twitter presenting proof that spam bots accounted for less than 5% of the total users.

While doubting that spam bots accounted for at least 20% of the users, the world’s richest man and Tesla top boss had suggested he could seek a lower price for the social media company.

Musk said on Wednesday he was also in talks with shareholders, including Jack Dorsey, for additional financing commitments to fund the deal.

Twitter shares jumped around 6% to $ 39.15 in extended trading. Musk could not be immediately reached for comment.

Musk said he was also in talks with shareholders, including Jack Dorsey, for additional financing commitments to fund the deal.

He initially took a $ 12.5 billion margin loan, but earlier this month reduced it to $ 6.25 billion after bringing in co-investors.

In April, Musk had lined up $ 46.5 billion in debt and equity financing to buy Twitter, with Musk himself committing $ 33.5 billion.

After Musk’s offer, Twitter’s board initially voted to adopt a poison pill that limited his ability to raise his stake, but later voted unanimously to accept his buyout offer.

Twitter last week said it was committed to the deal at the agreed price of $ 54.20. Separately, at an annual shareholder meeting on Wednesday, Twitter investors blocked the re-election of an ally of Musk to its board.

.

- Advertisement -
- Advertisement -
Must Read

New York man found at Taylor Swift’s home facing stalking charges

A 35-year-old man is facing trespassing and stalking charges after allegedly entering two of Taylor Swift's New York residences. According to police the suspect,...
- Advertisement -

WJSN unveiled ethereal teaser for ‘Last Sequence’ music video

K-pop girl group WJSN have shared a stunning new teaser for the music video of their upcoming single 'Last Sequence'. In the new visual,...

Robert Trujillo’s son added guitar tracks to Metallica’s ‘Master Of Puppets’ for its ‘Stranger Things’ inclusion

Robert Trujillo's son Tye added guitar tracks to Metallica's' Master Of Puppets' for the song's inclusion in the fourth season of Stranger Things....

Hüsker Dü bassist Greg Norton diagnosed with cancer, friends launch GoFundMe page

Former Hüsker Dü bassist Greg Norton has been diagnosed with cancer, the musician has disclosed on social media. "At the beginning of June, I...
Related News

New York man found at Taylor Swift’s home facing stalking charges

A 35-year-old man is facing trespassing and stalking charges after allegedly entering two of Taylor Swift's New York residences. According to police the suspect,...

WJSN unveiled ethereal teaser for ‘Last Sequence’ music video

K-pop girl group WJSN have shared a stunning new teaser for the music video of their upcoming single 'Last Sequence'. In the new visual,...

Robert Trujillo’s son added guitar tracks to Metallica’s ‘Master Of Puppets’ for its ‘Stranger Things’ inclusion

Robert Trujillo's son Tye added guitar tracks to Metallica's' Master Of Puppets' for the song's inclusion in the fourth season of Stranger Things....

Hüsker Dü bassist Greg Norton diagnosed with cancer, friends launch GoFundMe page

Former Hüsker Dü bassist Greg Norton has been diagnosed with cancer, the musician has disclosed on social media. "At the beginning of June, I...

Tony Khan Says AEW Hiring Black Talent Is Very Important To Him

Tony Khan's AEW has come a long way since its inception in 2019. The Jacksonville-based wrestling promotion has a massive roster, and...
- Advertisement -