Elon Musk to Front $33.5 Billion in His Bid to Takeover Twitter
According to a recent SEC filing, Elon Musk has increased his personal financial commitment in the Twitter takeover deal to $33.5 billion, as he remains in talks with Twitter founder and former CEO Jack Dorsey and others for additional funding (via CNBC).
Following the news, the social media network’s shares jumped more than 5% after hours. Musk also reiterated his commitment to completing the $44 billion deal in a letter to investors backing the holding company that the Tesla and SpaceX CEO is forming to take Twitter private.
Musk is expected to serve as a temporary CEO of Twitter for a few months after he completes the $44 billion acquisition, according to an earlier report by CNBC’s David Faber.
The deal has been mired in controversy since Musk first proposed it in April, and shares are trading below the $54.20 acquisition price, suggesting investors had relatively low confidence the deal would go through at that price.
Musk suggested at the All In Summit tech conference in Miami that his Twitter deal should be done at a lower price, potentially, given his concerns about inauthentic activity and accounts on the platform.
Musk sent Twitter shares tumbling earlier this month when he said he was going to put the Twitter deal on hold while he researches the proportion of fake and spam accounts on the platform.