According to the reports, Elon Musk has hired Morgan Stanley to raise another $10 billion in debt.
Elon Musk is prepared to pay between $10 billion and $15 billion of his own money to take Twitter private, according to the New York Post, citing two persons familiar with the situation.
According to the story, the billionaire, who owns 9.1 percent of Twitter, plans to make a tender offer in approximately 10 days and has hired Morgan Stanley to raise another $10 billion in debt.
Musk, who is also the CEO of Tesla Inc, may be prepared to borrow against his present ownership if required, which might raise several billion dollars more, according to the New York Post.
Twitter did not respond. Musk did not immediately reply to a request for comment from Reuters.
Last week, the social networking business took a “poison pill” to safeguard itself from Musk’s $43 billion acquisition bid.
More private-equity companies have indicated interest in partnering in a purchase for Twitter, according to people familiar with the subject, who declined to be identified.
Thoma Bravo, a technology-focused private equity group, approached the social networking platform last week to discuss a purchase that would compete with Musk’s bid.
According to Reuters, Apollo Global Management Inc is examining methods to offer funding for any acquisition and is willing to collaborate with Musk or any other bidder.
Many investors, analysts, and investment bankers believe Twitter’s board of directors will reject Musk’s offer in the coming days, calling it insufficient.
In afternoon trade, Twitter shares were down 1.6 percent at $47.69, significantly below Musk’s offer of $54.20.
