Billionaire Elon Musk is reportedly ready to pour up to $15 billion of his own money into his hostile takeover of Twitter.
The Tesla CEO bought the social network for $43 billion last week after acquiring a 9% stake in the company days earlier.
That New York Post reported Tuesday that Musk is now scrambling to fund the Mega Bucks deal.
Citing two unnamed sources, the publication said the 50-year-old is willing to put between $10 billion and $15 billion of his own money into the deal.
The richest man in the world – who is also CEO of SpaceX – is valued at around $260 billion.
Despite all that financial firepower, he’ll likely need the backing of banks or other investors to fund a deal this big.
According to the Post, Musk is asking Morgan Stanley to help him raise another $10 billion in debt.
That New York Times separately reported on Wednesday that Morgan Stanley is helping Musk incur debt.
According to the New York Post report, Musk could also be willing to borrow against his current stake if needed, a move that could potentially net several billion additional dollars.
A number of large buyout groups are said to have turned down the opportunity to throw their hats in the ring.
Blackstone Group, Vista Equity Partners and Brookfield Asset Management declined to provide Musk with equity financial times reported Wednesday.
Among their biggest concerns are Twitter’s profitability and Musk’s unpredictability.
The billionaire shocked the world last week by launching a hostile takeover of Twitter, his favorite social network.
Musk has moved to buy the social media giant for $43 billion in cash, official filings show.
The mega deal came days after Elon Musk made the surprise purchase of a nine percent stake in Twitterwhich has 200 million users.
Twitter CEO Parag Agrawal announced the 50-year-old would join the board, an offer Musk later declined.
An updated April 14 filing revealed the world’s richest man is making his “best and final” offer to buy 100 percent of Twitter.
He is offering $54.20 per share in cash.
Musk’s bid, which has hinted at the possibility of a hostile bid, has prompted the social media company to introduce a “poison pill” to protect itself.
Musk tweeted “Love Me Tender,” a song by Elvis Presley, on Monday after Twitter settled on a plan to sell shares at a discount to discourage any attempt by shareholders to acquire more than a 15 percent stake.
Musk currently holds a 9.1 percent stake.
Many investors, analysts, and investment bankers expect Twitter’s board of directors to reject Musk’s offer in the coming days, saying it’s insufficient.
Twitter declined to comment. Tesla did not immediately respond to a request for comment from Musk.
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https://www.thesun.ie/tech/8680743/elon-musk-willing-pay-own-money-buy-twitter/ Elon Musk says he’s “willing to pay up to $15 billion of his own money” to buy Twitter