What you need to know
- Elon Musk remains in the hunt to buy Twitter.
- New filings indicate he has now secured $46.5 billion in funding to finance the deal.
- It also reveals Twitter has not responded to his offer.
Elon Musk says that he has secured funding to the tune of $46.5 billion as he bids to acquire Twitter, but says the company has not responded to his offer.
In a new SEC filing, it is noted that Musk made the offer to buy Twitter at the price of $54.20 per share. At the time, Musk told Twitter that if his offer was rejected that he would have to reconsider his position as a shareholder, currently owing some 9% of the company. He has been vocally critical on Twitter for seemingly dragging its heels in addressing his offer.
The filing says Musk has secured $46.5 billion to get the deal done, including about $25 billion from Morgan Stanley, the rest comes from Musk's own holdings.
The filing says that Twitter has not responded to Musk's proposal and that he is considering "whether to commence a tender offer to acquire all of the outstanding shares of Common Stock (together with the associated rights issued pursuant to the Rights Agreement (the "Rights" and, together with the Common Stock, the "Shares")) that are issued and outstanding (and not held by the Reporting Person) at a price of $54.20 per share, net to the seller in cash, without interest and less any required withholding taxes, subject to certain conditions (the "Potential Offer"), but has not determined whether to do so at this time."
This does not mean the deal is done, simply that Musk now has the money to back his offer.
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Stephen Warwick has written about Apple for five years at iMore and previously elsewhere. He covers all of iMore's latest breaking news regarding all of Apple's products and services, both hardware and software. Stephen has interviewed industry experts in a range of fields including finance, litigation, security, and more. He also specializes in curating and reviewing audio hardware and has experience beyond journalism in sound engineering, production, and design.
Before becoming a writer Stephen studied Ancient History at University and also worked at Apple for more than two years. Stephen is also a host on the iMore show, a weekly podcast recorded live that discusses the latest in breaking Apple news, as well as featuring fun trivia about all things Apple. Follow him on Twitter @stephenwarwick9