- Elon Musk intends to begin a tender offer in approximately ten days.
- Morgan Stanley has been retained by Tesla’s CEO to raise an additional $10 billion in debt.
- Twitter has declined to make a statement.
According to the New York Post, citing two sources familiar with the matter, Elon Musk is prepared to invest between $10 billion and $15 billion of his own money to take Twitter private.
According to the report, the billionaire, who is Twitter’s second-largest shareholder with a 9.1 percent stake, plans to launch a tender offer in about ten days and has retained Morgan Stanley to raise an additional $10 billion in debt.
According to the New York Post, Musk, who is also Tesla’s CEO, may also be willing to borrow against his current stake if necessary, raising several billion additional dollars.
Twitter declined to make a statement. Tesla did not immediately respond to a request for comment from Reuters on Musk’s behalf.
Last week, the social media company implemented a “poison pill” to ward off Musk’s $43 billion buyout offer.
Additional private equity firms have expressed interest in investing in a Twitter acquisition, people familiar with the matter told Reuters on Monday, without naming the firm.
The interest arose after Thoma Bravo, a private equity firm focused on technology, contacted the social media platform last week to discuss a buyout that would compete with Musk’s offer.
According to Reuters sources, Apollo Global Management is considering ways to finance any transaction and is open to collaborating with Musk or any other bidder.
Numerous investors, analysts, and investment bankers anticipate that Twitter’s board of directors will reject Musk’s offer in the coming days, claiming that it is insufficient.
In afternoon trade, Twitter shares were down 1.6 percent to $47.69, well below Musk’s offer of $54.20.
