In a filing with U.S. regulators showed on Thursday, Elon Musk said that he has lined up $46.5 billion in debt and equity financing to buy Twitter Inc. And since the lacking of response from Twitter’s board, Musk is considering taking his offer directly to shareholders.
Tesla CEO has secured about $25.5 billion in debt financing through Morgan Stanley Senior Funding. He also said that he has committed about $21 billion in equity financing.
It isn’t clear in the filing states whether the billionaire will make a tender offer for Twitter or he will take other steps to further the proposal.
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According to a spokesperson in the company, Twitter actually received Musk’s proposal.
“As previously announced and communicated to Mr. Musk directly, the Board is committed to conducting a careful, comprehensive, and deliberate review to determine the course of action that it believes is in the best interest of the Company and all Twitter stockholders,” the spokesperson said.
Musk offered previously to buy the social media platform for $54.20 a share, or nearly $43 billion. But it seems that the company didn’t like that offer. So it adopted a limited duration shareholder rights plan, or what it called a “poison pill” plan.
Recently, Musk has amassed a more than 9% stake in Twitter. After that, the platform extended an offer to him to join the board on one condition which is he couldn’t buy more than 14.9% of the firm. Instead of accepting the offer, Musk made a bid to buy the platform.