Elon Musk shifts plan on buying Twitter, teases strategy in new tweet

Elon Musk announced that he wants to purchase 100% of Twitter and convert the second largest social media into a private company.

Published Wed, Apr 20 2022 12:04 AM CDT   |   Updated Wed, May 11 2022 8:50 PM CDT

SpaceX and Tesla CEO Elon Musk, the richest individual on Earth, is attempting to buy Twitter and has reportedly shifted his strategy.

Elon Musk shifts plan on buying Twitter, teases strategy in new tweet 22 | TweakTown.com

In a new report from the New York Post, Musk's previous offer to purchase Twitter for $43 billion has now resulted in Musk searching for financial backing in the deal. The new deal is described as "complex" and involves Musk putting forward $10 - $15 billion of his own money, which is a large increase from the $3.4 billion in Twitter stock he currently owns. A further $20 billion will come from outside investors who will together own more equity in Twitter than Musk.

While outside investors will own more equity in Twitter than Musk, the Tesla and SpaceX CEO will still remain in control of the company being the single largest shareholder. Individuals close to the situation have told the New York Post that Musk is also willing to borrow against his current state in the company, which would raise additional funds if necessary.

Read more: Elon Musk buying Twitter would be a disaster for privacy, warns expert

"The co-investors will combined have more equity than Musk but he will be the biggest single holder," one of the sources said to the New York Post.

Read more: Elon Musk reveals why he wants to buy Twitter and 'unlock it'

The $20 billion from outside investors is funding for a hostile tender offer, which means the offer goes straight to Twitter shareholders and dodges Twitter's board of directors. Musk teased the news via his personal Twitter account, where he quoted the Elvis Presley song "Love Me Tender."

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Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest science and space news. Jak's love for science, space, and technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

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