Musk revealed on Thursday that he sold $4 billion worth of Tesla stock, likely to fund the Twitter deal.
(Photo: via REUTERS)
New York According to insiders, Elon Musk wants to make the $44 billion Twitter purchase a financial success as quickly as possible. He has told banks funding the acquisition that he can cut executive salaries and find new ways to monetize tweets, three people familiar with the matter told Reuters. That was part of his pitch to financial institutions in order to secure sufficient funds for the billion-dollar purchase.
Ultimately, Musk got a $13 billion loan backed by Twitter shares and a $12.5 billion loan backed by Tesla stock. Musk revealed on Thursday that he sold $4 billion worth of Tesla stock, likely to fund the Twitter deal.
According to insiders, the Tesla boss wooed the banks with a vision rather than concrete proposals. The exact savings potential is unclear. However, the 50-year-old pointed out that competitors such as Facebook owner Meta and Pinterest have better gross margins than Twitter. Musk has also expressed ideas in several tweets about how the US short message service could be changed, citing, for example, the Blue subscription service.
On Monday, the well-known company with more than 217 million users agreed to the purchase offer in the amount of 44 billion dollars. Musk wants to take the 16-year-old company private.
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