Elon Musk changes his plan to buy Twitter, but has secured funding

Tesla and SpaceX CEO Elon Musk has switched up his plan on purchasing Twitter but has secured more funding per an SEC filing.

@JakConnorTT
Published Thu, May 26 2022 12:33 AM CDT   |   Updated Thu, Jun 16 2022 12:03 AM CDT

A new filing with the Securities and Exchange Commission (SEC) has revealed that Elon Musk has switched up his plan to purchase Twitter.

Elon Musk changes his plan to buy Twitter, but has secured funding 01 | TweakTown.com

While the deal to purchase Twitter for $44 billion seems to be still going ahead despite Musk's claims that it was put on hold until Twitter proved that spam bots account for less than 5% of the platform's total users. According to a financial filing made public on Wednesday, May 25, Musk has switched his personal funding for the purchase from $27.3 billion to $33.5 billion while also locking down an additional $6.25 billion in equity financing, which has, in turn, reduced Musk's total amount of debt he would take on after completing the purchase.

Notably, Musk originally took out a $12.5 billion margin loan against his Tesla shares, which has now been reduced to the previously mentioned $6.25 billion after Musk found more funding. Furthermore, Musk is still in talks with potential investors, with publications reporting the Tesla CEO is talking to former Twitter CEO and founder Jack Dorsey.

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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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