Tesla CEO Elon Musk has revealed his funding plan for the Twitter takeover that will see $25.5 billion in loans and $21 billion in personal equity — taking the final bid to $46.5 billion.
Elon Musk, in a filing with the US Securities and Exchange Commission (SEC), said the funding is provided through two debt commitment letters from Morgan Stanley Senior Funding, in which the bank commits to offering a series of loans worth $25.5 billion.
Elon Musk will manage the remaining $21 billion on his own, reports The Verge.
The filing also made it clear that Twitter has not formally responded to Elon Musk’s offer.
A Twitter spokesperson said the company has received Elon Musk’s offer and said it would conduct a careful, comprehensive review.
Elon Musk has 9.1 percent stake in the social media platform. The billionaire is willing to pay $54.20 per share to buy 100 percent of the company.
Twitter announced that its Board of Directors has unanimously adopted a limited duration shareholder rights plan following an unsolicited, non-binding proposal to acquire Twitter by Musk.