Highlights

  • Musk had said his first offer was his “best and final.
  • As per filings, Musk has received commitments for $46.5 billion to help finance the potential deal.

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Elon Musk gathers $46.5 bn to buy Twitter

Elon Musk is exploring whether to commence a tender offer for Twitter, according to a new securities filing.

Elon Musk says he has lined up $46.5 billion in financing to buy Twitter, and he's trying to negotiate an agreement with the company.

Last week, Musk announced an offer to buy the social media company for $54.20 per share, or about $43 billion. At the time, he did say how he would finance the acquisition.

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The Tesla CEO says Thursday in documents filed with US securities regulators that he's exploring what's known as a tender offer to buy all of the social media platform's common stock for $54.20 per share in cash. Under a tender offer, Musk, who owns about 9% of Twitter shares, would take his offer directly to other shareholders, bypassing the board.

But Musk hasn't decided yet whether to do that.

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The documents say Twitter has not responded to Musk's proposal.

Last week Twitter's board adopted a “poison pill” defence that could make a takeover attempt prohibitively expensive.

The filing states that “entities related to (Musk) have received commitment letters committing to provide an aggregate of approximately $46.5 billion”.

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