Elon Announces Procurement of $46.5 billion in Funding to Buy Twitter

By WMAL.com

The electric car mogul and prospective proprietor of social media platforms Elon Musk said on Thursday that he has arranged commitments to the tune of $46.5 billion to finance the purchase of Twitter. The announcement comes one week after Musk first announced he had filed an offer with the Securities and Exchange Commission to purchase the platform.

The funding is provided through two debt commitment letters from Morgan Stanley Senior Funding, in which the bank commits to offering a series of loans worth $25.5 billion. The remaining $21 billion will be covered by Musk himself.

A spokesperson for Twitter said the company would be conducting a “careful, comprehensive” view of Musk’s offer. “As previously announced and communicated to Mr. Musk directly, the Board is committed to conducting a careful, comprehensive and deliberate review to determine the course of action that it believes is in the best interest of the Company and all Twitter stockholders.”

Musk has repeatedly said that he would like to operate the platform as more of a public utility, stripping aways the censorship and enhancing the company’s transparency. Musk may not be alone in his bid for the tech giant, as Reuters reported that several other suitors have reached out Twitter inquiring about a buyout deal.