Elon Musk received additional funding for the purchase of Twitter, which, according to financial documents released on Wednesday, brought the millionaire close to closing the big deal.
Tesla’s CEO said it has increased its personal equity financing from $27.3 billion to $33.5 billion, added $6.25 billion in equity financing, and reduced entrepreneurs’ borrowing to $44 billion.
The world’s richest man holds talks with shareholders, including former shareholders Twitter CEO Jack Dorsey, for additional funding commitments to fund this contract, has been submitted.
Musk first secured a $12.5 billion marginal loan for shares of electric car maker Tesla to fund his Twitter acquisition. But it cut it to $6.25 billion earlier this month following bringing in co-investors.
The latest filing comes following Musk said last week that his bid to buy Twitter would not go ahead until the company shows evidence that less than 5% of the site’s total users contain spam bots, analysts say, and urged Twitter to accept the move. Low selling price.
Details of Musk’s financial plans were released the day Twitter shareholders met for their regular meeting.
A referendum on Musk’s plan to buy the social network is not on the agenda, but it will take place at an unspecified date in the future.
However, shareholder proposals are often submitted to a referendum in the name of the Tesla CEO.
At the meeting, investors initially agreed to the New York State Public Pension Fund’s proposal, which called for a report on Twitter’s policies and practices related to political contributions to the use of corporate money.
Two projects submitted by conservative-leaning groups failed to get enough votes to pass. One called for a review of the company’s “implications for civil rights and non-discrimination” and described “anti-racist” programs that seek to establish “racial/social equality” as “extremely racist in their own right”. Others sought to expose the company’s campaign activities.
Several projects speak of the deep existential conflict that exists between Twitter users, employees, and stakeholders.
The term of co-founder of Twitter founder Jack Dorsey’s term expired on Wednesday. Patrick Beechette, the general shareholder of Inovia Capital, has been re-elected to the Investors Group.
Investors also blocked the re-election of Musk’s partner in the group, which voted once morest Akon Durban, who co-chaired Silver Lake, a private equity firm, and joined Musk in a bid to privatize the electric car maker.
“Twitter’s board of directors has not embraced Elon Musk and his views on Twitter, so it is not surprising that he was excluded from his group of partners,” said Kim Forrest, chief investment officer at Bouquet Capital Partners in Pittsburgh.
A vote on Durban’s stake might signal skepticism among stakeholders regarding Musk’s plan or his willingness to pay for what he offered, but investors are largely expected to agree to the deal.
The Twitter group initially voted to accept the “toxic pill,” which limited Musk’s ability to increase his stake in the company, but later voted unanimously to accept his takeover offer.
Kasturi in April make a contract Buy Twitter for $54.20 a share. But the Tesla CEO said the deal was in May can’t progress Until the operating system proves that less than 5% of its users are fake accounts or spam.
Experts said last week that the sharp turn made no sense, except as a tactic to break an increasingly costly deal for him or to negotiate once more. Running discussions public, no less than Twitter, increases confusion.
Experts say Musk cannot unilaterally suspend the deal. If Musk leaves, he might receive $1 billion in breakup fees. Alternatively, Musk might file a lawsuit to force Twitter to pursue the deal, although experts say this is not possible.
Even if shareholders approve the proposals, Donna Hetcherich, a professor of finance at Columbia Business School, said they would remain unrestricted.
Twitter shares rose regarding 6% to $39.15 in extended trading.
Musk was not immediately available to comment on details of the regulatory findings.
