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Elon Musk has funding for his $45 billion offer for Twitter, he has said in a new regulatory filing.
The billionaire has commitments from Morgan Stanley and other financial institutions that can fund the bid for the company, he said in documents published by the US Securities and Exchange Commission.
Mr Musk is yet to decide whether he will make a tender offer to buy the whole of the company or if he might make other steps to try and take over the company, he said. A tender offer would see the billionaire buy some or all of the shares in a company from its current stockholders.
The announcement is the latest event in ongoing and public discussions between Mr Musk and Twitter. The events began when he announced that he had bought more than 9 per cent of Twitter, making him the biggest company’s biggest shareholder.
He was initially offered and took up a seat on the board, which would have come with restrictions on how much he could own, before he reversed course and decided against joining Twitter’s leadership. Instead, he publicly announced that he wanted to take Twitter private by buying the company at $54.20 per share, valuing it at about $43 billion.
On Friday, Twitter said that it was adopting a so-called “poison pill”, which is intended to stop a hostile takeover of the company.
Mr Musk’s latest filing suggests he is still considering a purchase of Twitter despite its management’s actions. It leaves open the option to discuss a takeover with members of Twitter’s board and others.
But it also indicates that he could sell all of his existing shares in the company, too.