Tesla CEO Elon Musk has made an adjustment to his financing plan for his proposed $44 billion purchase of Twitter, giving shares a boost.
That means Musk will need to raise that sum in stock commitments instead of debt. That brings the equity portion of the deal to $33.5 billion, up from the $27.25 billion disclosed three weeks ago.
The move raised investor hopes that Musk still intends to make the deal amid his concerns about the number of fake accounts on Twitter.Twitter shares jumped 5.5% to $39.22 in after-market trading, building on a 3.9% rise during regular trading.Shareholders didn't address— that vote will be scheduled for an as-yet undetermined future date, should the deal proceed.
Twitter CEO Parag Agrawal declined to offer an update on the status of Musk's bid, citing "regulatory and other reasons."didn't go into much detail on where Musk will get the additional equity, but emphasized that he is still trying to persuade his friend and former Twitter CEO Jack Dorsey to throw his stock into the financing package.
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