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Elon Musk is set to become interim CEO of Twitter after the takeover

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Musk increased its financing commitments to $ 27.25 billion, which includes the commitments of 19 investors, while reducing Morgan Stanley’s margin loan to $ 6.25 billion. He has already secured $ 13 billion in loan commitments.

Other investors include crypto firm Binance, New York real estate mogul Stephen Vitkov and DFJ Growth IV Partners, which has investments in Boring Company, SpaceX, SolarCity and Tesla.

“We hope to be able to play a role in combining social media and web3 and expanding the use and adoption of crypto and blockchain technology,” said Binance CEO Changpeng Zhao.

Saudi billionaire Prince Alwaleed bin Talal, who initially voiced reservations about the takeover by Musk, has agreed to include a nearly $ 2 billion stake in the deal. Credit:AP

Reuters reported Monday that Musk is in talks with major investment firms and high-capitalists to take more funding to acquire his Twitter and attract less of his wealth to the deal.

Musk will continue talks with existing Twitter shareholders, including former CEO Jack Dorsey, about bringing the shares into the proposed acquisition, according to regulatory documentation.

Larry Allison, a member of Tesla’s board of directors and a close friend of Musk’s self-proclaimed, has allocated $ 1 billion in funding.

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Musk, a self-proclaimed freedom of speech absolutist who advocates convenient Twitter settings such as an edit button and a victory over “spam bots” that send out huge numbers of unsolicited tweets, has previously said he will try to keep as many Twitter investors as possible. perhaps.

Investors were worried about whether Musk would complete the deal on Twitter.

In April, he decided at the last minute not to take a seat on the Twitter board. In 2018, Musk tweeted that “funding has been secured” for the $ 72 billion deal to make Tesla private, but has not advanced with the offer.

Mask will have to pay $ 1 billion to shut down Twitter when he leaves, and the social media company may also sue him to complete the deal.

Reuters

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