Elon Musk is dropping Tesla shares from the payment for Twitter and will now pay the difference by himself. As it stands, his total personal commitment to purchasing Twitter is $33.5 billion.
At the beginning of the game-changing purchase attempt, the billionaire had come with $21 billion of his own wealth and $25.5 billion in loans. Out of the loans, he had taken $12.5 billion from his Tesla shares but the move had been harmful.
Investors had seen the move on Twitter as a distraction from his duty to Tesla, SpaceX and his other companies. Tesla stock began deteriorating and it didn’t help that a misconduct scandal against him emerged as well.
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Although Musk later cut his Tesla loans by half during a second round of equity financing, he has not completely removed the loans from what he is using to finance his Twitter bid.
After going down about 30 per cent since Musk announced his plan to buy the social media company, Tesla shares owners are beginning to see some green in their stock again.
With Elon Musk now betting $33.5 billion of his money on Twitter, the deal is still a long way from completion. As we reported, a new investigation into just how many bot (or fake) accounts are really on the platform has hampered the deal’s forward movement.
Also, reports have indicated that the Tesla boss is no longer too keen on taking over Dorsey’s brainchild with his recent Tweets and general disposition.
While he has made the majority of commitment to buy Twitter, Musk also has financing support from Oracle founder Larry Ellison and the sovereign wealth fund of Qatar.
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