What you need to know
- Elon Musk remains in the hunt to buy Twitter.
- New filings indicate he has now secured $46.5 billion in funding to finance the deal.
- It also reveals Twitter has not responded to his offer.
Elon Musk says that he has secured funding to the tune of $46.5 billion as he bids to acquire Twitter, but says the company has not responded to his offer.
In a new SEC filing, it is noted that Musk made the offer to buy Twitter at the price of $54.20 per share. At the time, Musk told Twitter that if his offer was rejected that he would have to reconsider his position as a shareholder, currently owing some 9% of the company. He has been vocally critical on Twitter for seemingly dragging its heels in addressing his offer.
The filing says Musk has secured $46.5 billion to get the deal done, including about $25 billion from Morgan Stanley, the rest comes from Musk's own holdings.
The filing says that Twitter has not responded to Musk's proposal and that he is considering "whether to commence a tender offer to acquire all of the outstanding shares of Common Stock (together with the associated rights issued pursuant to the Rights Agreement (the "Rights" and, together with the Common Stock, the "Shares")) that are issued and outstanding (and not held by the Reporting Person) at a price of $54.20 per share, net to the seller in cash, without interest and less any required withholding taxes, subject to certain conditions (the "Potential Offer"), but has not determined whether to do so at this time."
This does not mean the deal is done, simply that Musk now has the money to back his offer.
