In a bold march forward to snatch control of Twitter in a multibillion-dollar buyout, Elon Musk is moving closer with weekend negotiations that company insiders say have been “fluid and fast-moving.”
According to The New York Times, Musk and the Twitter board were still negotiating in the wee hours of Monday morning, April 25, 2022. The meetings indicate that the takeover will soon be a done-deal even though financial gurus initially scoffed at the idea that Musk could muster up enough money to do it.
However, “Mr. Musk updated his proposal last week, putting pressure on Twitter to more seriously consider his bid,” the Times reported.
“In a securities filing that was made public on Thursday, Mr. Musk detailed how he had put together financing from the investment bank Morgan Stanley and a group of other lenders, which were offering $13 billion in debt financing, plus another $12.5 billion in loans against his stock in Tesla, the electric carmaker that he runs. He was expected to add about $21 billion in equity financing.”
SOURCE:
The New York Times April 25, 2022