Musk says he has commitments worth $46.5 billion to finance a Twitter takeover

Musk began his effort earlier this month to take control of Twitter with a buy that made him the social media platform's largest stockholder

Updated: April 21, 2022 - 1:31pm

The Facts Inside Our Reporter’s Notebook

Billionaire entrepreneur Elon Musk said Thursday that he has commitments worth $46.5 billion to finance a Twitter takeover deal, according to Securities and Exchange Commission filings.

Musk's statement follows a recent buy in Twitter that made him the largest shareholder, then a public offer to purchase the social media company.

Musk said he has commitment letters to finance the deal, including two debt commitment letters from Morgan Stanley and other unnamed financial institutions and one equity commitment letter from himself, according to a review of the SEC filing by CNN.

Twitter's board of directors last week attempted to block Musk's purchase effort with a so-called "poison pill" maneuver.

Musk said in the filing that he has yet to receive a formal response from Twitter's board to his offer to acquire all of its shares, a deal that values the company at $41 billion.

He said he is "seeking to negotiate" an agreement "immediate," after have having said in the offer rebuffed by the board that it was his "best and final" offer, CNN also reports.

Musk, who owns the electric-vehicle company Tesla and Space-X, is the known to be richest person in the world.