In a new SEC filing, the Tesla owner revealed that he already acquired the funding to buy the social media platform.
On April 21, the world’s richest man and Tesla owner, Elon Musk filed an SEC document to confirm that he acquired $46.5 billion to buy Twitter. He is offering to buy 100% of Twitter for $54.20 per share in cash, stating that the offer is best and final. The SEC filing includes $21 billion in equity financing and $25.5 billion in debt financing. Morgan Stanley Senior Funding will primarily finance the deal, along with Bank of America, Barclays, MUFG, BNP Paribas, Mizuho Bank, and Societe Generale.
Musk said in the filing “I believe that the company should be private to go through the changes that need to be made.” He also said that “After the past several days of thinking this over, I have decided I want to acquire the company and take it private.” He wanted Twitter to be a platform for “Free Speech”
Last week, Twitter announced a “poison pill” (shareholder’s plan) against Musk. The plan will allow shareholders to purchase a discounted stock if anyone wants to acquire more than a 15% stake in the company, without the board’s approval.
Musk currently owns 9% of Twitter shares, making him the company’s biggest shareholder. He was even offered a seat on the board, which he eventually turned down.
Twitter’s share rose slightly after Musk made the filing public.