Filing: Elon Musk has secured $46.5B to acquire Twitter, including $25.5B in debt financing via Morgan Stanley and other firms, and is exploring a tender offer
now what? Matt Levine / Bloomberg : Elon Got His Money Kyle Chayka / New Yorker : Why Would Elon Musk Want to Buy Twitter? New York Post : Elon Musk in talks to partner on Twitter bid with buyout firm Thoma Bravo TNW : An Elon Musk-owned Twitter could restrict free speech rather than promote it Scrooge Capital : Funding Secured — As I wrote in my first article, Elon Musk is looking to take Twitter private … Ibukun Ogundare / Coinspeaker : Elon Musk Amasses $46.5B to Fund Twitter Takeover Bid Scott Bicheno / Telecoms.com : CNN + Musk = changing of the guard Financial Times : Twitter board in a bind as Elon Musk makes his move Transistori : Elon Musk esitteli rahoituksensa Twitterin ostoon Shivdeep Dhaliwal / Benzinga : ‘Dogecoin Is The Light?’ Real Elon Musk Reacts To Twitter-Verified Fake Elon Musk Dan Primack / Axios : Elon Musk goes it alone on Twitter, for now Morgan Haefner / Quartz : 🌍 Elon Musk has his Twitter money Bloomberg : Musk Dispels Weeks of Doubts by Lining Up Money to Buy Twitter Alan Friedman / PhoneArena : Musk lines up financing to buy Twitter; billionaire considers making a tender offer Financial Times : Elon Musk unveils $46.5bn financing package to fund Twitter bid Cheryl Teh / Insider : Tech analyst says one of the only ways Twitter can avoid an Elon Musk takeover is if a friendly ‘white knight’ investor swoops in to save them Hamid Ganji / Android Headlines : Elon Musk Explains How He Wants to Takeover Twitter The Verge : Elon Musk lays out funding for ambitious Twitter takeover Jon Fingas / Engadget : Elon Musk says he has the financial backing for his proposed Twitter takeover Dan Milmo / The Guardian : Elon Musk secures $46.5bn to fund possible hostile bid for Twitter Tweets: Elon Musk / @elonmusk : If our twitter bid succeeds, we will defeat the spam bots or die trying! Elon Musk / @elonmusk : And authenticate all real humans @apompliano : Elon Musk is the GOAT 🐐 https://twitter.com/... Lauren Hirsch / @laurenshirsch : There's a first time for everything ❌ https://www.nytimes.com/... https://twitter.com/... Exec Sum / @exec_sum : FUNDING SECURED for @elonmusk $46.5B in financing committed by Morgan Stanley & Elon Musk broken down as follows: - $500M revolver - $6.5B term loan - $3B secured bridge loan - $3B unsecured bridge loan - $12.5B margin loan - $21B equity commitment from Elon https://twitter.com/... Sonali Basak / @sonalibasak : Bankers line up to finance Elon Musk's plan to takeover Twitter Morgan Stanley and it's large financing partner — MUFG — will shepherd a large portion of the lending https://twitter.com/... James Clark / @mr_james_c : It's weird that people see this as some form of gotcha. Tesla is a car and electric power company and SpaceX is a rocket company. Neither of these claim to be global platforms professing to be places where people come together to exchange information. https://twitter.com/... @joyannreid : Elon Musk has spent years silencing his critics. He doesn't care about “free speech.” This Twitter crusade is about releasing the trolls, nazis & MAGAnuts from Gab and Gettr isolation because they can only be entertained by harassing normal people here. https://www.bloomberg.com/... @housegop : Will you allow President Trump to have his account back @elonmusk? https://twitter.com/... Mark Phillips / @supremedreams_1 : You need to buy Instagram then them bots going crazy over there https://twitter.com/... Jason Hirschhorn / @jasonhirschhorn : Elon Musk Wants Free Speech at Twitter (TWTR) After Years Silencing Critics - Bloomberg https://www.bloomberg.com/... Mark Gongloff / @markgongloff : Elon “Free Speech on Twitter” Musk has a long track record of NDAs and public shaming of perceived enemies https://www.bloomberg.com/... Marisa Kabas / @marisakabas : the fact that one person has this much money is a historical policy failure. https://twitter.com/... Elon James White / @elonjames : If the company doesn't want him to own it, why is dude forcing himself into the space? He could literally build his own Twitter. But he needs to take *This* over? https://twitter.com/... @tante : This is obviously bullshit but one has to put it (like Worldcoin) in the context of clueless dudes who actually believe in Artificial General Intelligence. So this is dumb not only on the surface level. https://twitter.com/... Sam Biddle / @samfbiddle : funny to see him abandon the whole “if it's not illegal, we'll allow it!” premise already https://twitter.com/... Ryan Mac / @rmac18 : Wild to see that within minutes of Elon tweeting that he wants to fix spam on Twitter, his tweet gets bombarded with spam of verified crypto bots all mimicking his account. https://twitter.com/... Matthew Green / @matthew_d_green : If 2022 turns out like I expect it to, Twitter will be the target of a bidding war between Musk and the Conti ransomware gang. Charles Gasparino / @cgasparino : If the check is real — and I know PE was going to finance debt w real money — how can @Twitter say no after years of failed attempts to sell and operating losses? Elon Musk Says He Has Commitments for $46.5 Billion in Financing for Twitter Deal https://www.wsj.com/... Daniel Newman / @danielnewmanuv : Seems @elonmusk wants shareholders to have a chance to decide? If he moves forward here it could get very interesting to see what investors do. Poison Pill could drive price down making it even more lucrative for shareholders to sell. $TWTR #ElonMusk https://www.cnbc.com/... @modestproposal1 : what an amazing timeline: “Mr. Musk's habit of tweeting obscure but market-moving information has kept Twitter's advisers on their toes throughout the takeover saga. They have watched his Twitter account closely as they prepared for the possibility of a hostile bid” @axios : Elon Musk says he doesn't yet have any equity partners on his takeover bid for Twitter, per a federal securities filing. But he claimed he secured billions of dollars worth of loan commitments from Morgan Stanley. https://www.axios.com/... James Temple / @jtemple : If any of this is real (credibility is a fragile thing), could borrowing against his shares put Musk at risk of losing control of Tesla (when, say, his high school freshman grasp of free speech issues undermines the attraction & value of Twitter)? https://twitter.com/... Noam Blum / @neontaster : There was a widely shared thread a while back claiming he could not get this done. https://twitter.com/... Michael S. Smith II / @michaelssmithii : Big sighs heard at Netflix https://twitter.com/... Lauren Hirsch / @laurenshirsch : Elon Musk has unveiled how he hopes to pay for his Twitter bid. Here is our first take but expect lots more to come! https://www.nytimes.com/... Louis Peitzman / @louispeitzman : Guy who has only seen Succession: Getting a lot of Succession vibes from this. https://twitter.com/... Craig Trudell / @crtrud : Elon Musk wants to turn Twitter into a bastion of free speech. @danahull @sarahfrier @MaxwellAdler write that this is incongruous with his companies' fondness for NDAs and arbitration agreements, and recap Musk's long history of lashing out at critics. https://www.bloomberg.com/... Alex Hern / @alexhern : THE MARKET: “I think Twitter is worth $47.28 a share” ELON MUSK: “I will buy it from you for $54.20 a share” THE MARKET: “...I think Twitter is worth $46.54 a share” Alex Hern / @alexhern : quite funny to launch a tender offer for a company and watch the stock price fall Martin Sfp Bryant / @martinsfp : I don't care what price he offers, Musk's behaviour over the past few years makes him a poor steward for Twitter. https://www.nytimes.com/... Peter Kafka / @pkafka : “Twitter's board may try to call his bluff.” Dan remains Elon-skeptical and so does Wall Street. TWTR price barely moving and still way below theoretical Elon bid. https://twitter.com/... Dan Primack / @danprimack : @pkafka One reason for my skepticism: If you have the financing, and are comfortable w/ the personal outlay, why not launch the tender today? Paul Kedrosky / @pkedrosky : Why? Because, according to the filing, $21b is equity (of unknown origin), $12.5 billion is margin loans (his own). He has scraped together $13 billion in debt from banks—secured against Twitter itself. @nkulw : God damn it https://twitter.com/... Alex Stamos / @alexstamos : Hey, Twitter Product Management: This would be a great week to add a “Delete all DMs” button. David Burge / @iowahawkblog : You know what would really be a spicy news cycle? Elon Musk buying Disney https://twitter.com/... Keith Rabois / @rabois : Yes, those woke idiots tweeting that he won't be able to recruit the requisite talent when he runs Twitter... https://twitter.com/... Gary Black / @garyblack00 : Those who thought @elonmusk would take his profits and walk away from $TWTR don't know Elon. With $10-$11B debt financing secured and $23B of his own equity on non-pledged $TSLA shares (84.3Mx $1,083x 25%), he needs just $5-$6B outside equity at $54.20/share for remaining shares. Dan Primack / @danprimack : Shorter Elon filing: I haven't yet found any equity partners. Anthony DeRosa / @anthony : “To finance the Proposed Transaction or a Potential Offer, entities related to the Reporting Person have received commitment letters committing to provide an aggregate of approximately $46.5 billion as follows:” Anthony DeRosa / @anthony : This goes on to explain how he's secured funding from Morgan Stanley. https://twitter.com/... @ivanthek : Does the margin loan component of Musk's funding package specify which securities would be posted? $TWTR $TSLA @stockmktnewz : Morgan Stanley has also committed to provide $12.5 Billion in Margin Loans for Elon Musk's deal to acquire Twitter $TWTR https://twitter.com/... Anthony DeRosa / @anthony : New 13D filing from @elonmusk: “Given the lack of response by Twitter, the Reporting Person is exploring whether to commence a tender offer to acquire all of the outstanding shares of Common Stock” https://www.sec.gov/... Sridhar Natarajan / @sridinats : 🚨🚨🚨 FUNDING SECURED, for real, it appears. Elon Musk says he's got $13 billion in debt financing for Twitter bid lined up. Margin loan + other equity financing from Musk also promised. Full breakdown for bid here: https://twitter.com/... Steve Kovach / @stevekovach : The date on this? 4/20 https://twitter.com/... Alex Kantrowitz / @kantrowitz : Elon has the money. “At the time of delivery, the Proposal was also subject to the completion of financing and business due diligence, but it is no longer subject to financing as a result of the Reporting Person's receipt of the financing commitments.” https://www.sec.gov/... Casey Newton / @caseynewton : Welp: Elon says he has the money for Twitter — but hasn't determined whether to make a tender offer https://www.sec.gov/... Liam Killingstad / @liamkillingstad : .@elonmusk has secured funding and apparently the amount of funding is....infinity? LMAO. https://twitter.com/... Tony Romm / @tonyromm : elon found the coins in the couch cushion https://www.sec.gov/... Mehdi Hasan / @mehdirhasan : “When the thin-skinned Musk is on the receiving end of speech he doesn't like, he uses his power as world's richest man to retaliate and try and suppress that speech.” On @MaddowBlog, I debunked the myth of Elon Musk, “free speech absolutist”. Receipts: https://twitter.com/... See also Mediagazer