Elon Musk to take a position as much as $15 bln of his personal cash to purchase Twitter -NYPost

Elon Musk is keen to take a position between $10 billion and $15 billion of his personal cash to take Twitter Inc non-public, the New York Submit reported on Tuesday, citing two sources accustomed to the matter.

The billionaire, who’s Twitter’s second-biggest shareholder with a 9.1% stake, is planning to launch a young provide in about 10 days and has tapped Morgan Stanley to boost one other $10 billion in debt, in accordance with the report.

Musk, who can be Tesla Inc’s chief govt, may additionally be keen to borrow in opposition to his present stake if mandatory, a transfer that might presumably increase a number of billion further {dollars}, the New York Submit reported.

Twitter declined to remark. Tesla didn’t instantly reply to a Reuters request for remark from Musk.

The social media firm adopted a “poison capsule” final week to guard itself from Musk’s $43 billion buyout provide.

Extra private-equity companies have expressed curiosity in collaborating in a deal for Twitter, folks accustomed to the matter informed Reuters on Monday with out naming the agency.

The curiosity emerged after Thoma Bravo, a technology-focused PE agency, contacted the social media platform final week to discover a buyout that may problem Musk’s provide.

Apollo International Administration Inc is contemplating methods it could present financing to any deal and is open to working with Musk or every other bidder, the sources informed Reuters.

Many traders, analysts and funding bankers count on Twitter’s board to reject Musk’s provide within the coming days, saying it’s insufficient.

Twitter shares have been down 1.6% at $47.69 in afternoon commerce, effectively under Musk’s provide of $54.20. (Reporting by Sonia Cheema and Yuvraj Malik in Bangalore; Modifying by Anil D’Silva)
 

See also  Tesla selects Karnataka for electrical car plant in India: PTI