Elon Musk is willing to pay between $10 billion and $15 billion of his own money to take Twitter Inc private, citing two persons familiar with the situation. The New York Post reported on Tuesday.
According to the story, the billionaire, who owns 9.1 percent of Twitter, plans to launch a tender offer in roughly 10 days and has enlisted Morgan Stanley to fund another $10 billion in debt.
Musk, who is also the CEO of Tesla Inc, may be willing to borrow against his present ownership if necessary, a move that might raise several billion dollars more, according to the New York Post.
Twitter declined to comment. Musk did not immediately respond to a Reuters request for comment.
Last week, the social networking business implemented a “poison pill” to defend itself from Musk’s $43 billion acquisition offer.
More private-equity firms have indicated an interest in engaging in a Twitter sale, individuals familiar with the subject told Reuters on Monday, without naming the business.
The intrigue arose after Thoma Bravo, a technology-focused private equity group, contacted the social networking site last week to discuss a purchase that would compete with Musk’s offer.
According to Reuters, Apollo Global Management Inc is examining ways to offer funds for any sale and is willing to cooperate with Musk or any other bidder.
Many investors, analysts, and investment bankers believe Twitter’s board will reject Musk’s offer in the coming days, calling it insufficient.
Twitter shares were down 1.6 percent at $47.69 in afternoon trade, significantly below Musk’s offer of $54.20.
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