Initially hostile to the idea of Tesla CEO Elon Musk taking over Twitter, the company is reportedly warming up to the idea after the billionaire said last week he had secured the necessary $43 billion in funding.
The company said in a statement Thursday that it received Musk's updated proposal and "new information on potential financing" and said its board is "committed to conducting a careful, comprehensive and deliberate review."Musk, who owns about 9% of Twitter shares, indicated that he's exploring what's known as a tender offer in which he would try to get other shareholders to pledge their stock to him at a certain price on a certain date, bypassing the board.
CEO of Tesla Motors Elon Musk speaks at the Tesla Giga Texas manufacturing"Cyber Rodeo" grand opening party in Austin, Texas, on April 7, 2022. Musk's documents say that $13 billion in financing came from Morgan Stanley and the other banks. As much as $12.5 billion would be loans secured by Musk's Tesla stock, and he also committed $21 billion in direct or indirect equity, although he didn't disclose the source of those funds. The filing says that the equity commitment could be reduced by contributions from others or additional debt taken on.
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