May 26, 2022

Elon Musk Puts $6.25 billion from his own funds to acquire Twitter

Tech giant revealed in a SEC filing that he is adding another $6.25 billion of equity for the Twitter deal.

Twitter’s shares rose more than 5% in premarket trading after the revelation. 

The latest additional equity takes the total to $33.5 billion from an initial $27.25 billion.

Elon Musk is in talks with Twitter shareholders about the possibility of their retaining the stock after the proposed takeover.

Yesterday, former Twitter CEO and co-founder Jack Dorsey resigned from the board and distanced himself from the social media company completely. 

Dorsey had shown trust in Elon Musk amid the Twitter deal saying he is the ‘’singular solution’’ for the company. 

Binance had also put $500 million in Twitter acquisition deal.