The Wall Street Journal reported that Elon Musk is seeking additional financial backers to fund his deal with Twitter. The $44 billion deal is worth $41 a share, 17% higher than Wednesday’s trading price.
Musk had offered to buy out Twitter for $44 billion last month. The deal is expected to close in 2022 and is pending the approval of shareholders
Elon Musk’s plan for Tesla includes equity of about $33.5 billion, an increase from the initial $27.25 billion. He is discussing with Twitter shareholders potential options for retaining their stakes in the company following a buyout, as a means of financing.
Elon Musk has decided against using Tesla shares as a way to fund this acquisition. Tesla shares have fallen by thirty
After Tesla CEO Elon Musk tweeted about his potential takeover of Twitter, it appears that the company is making changes to its investors. In a filing, it said less than 5% of Twitter accounts are spam or fake. However, the deal appears to not be going forward at this time.
Despite hesitations from Twitter, the company has made a commitment to enforcing the merger agreement with Musk.
As Twitter is working through the acquisition process, its CEO Parag Agrawal remained focused on the company’s core value.
What Elon Musk’s Twitter buyout means for Tesla