Tesla CEO and America’s richest man Elon Musk is stepping up his bid to acquire Twitter.
Musk, whose proposal to buy the platform for $43 billion was rebuffed by Twitter’s board last week, is now said to be looking for financing for the acquisition. Bloomberg News reported that Musk is reaching out to partners across Wall Street to find money for the deal.
Possible sources of funding include private equity firm Apollo Global Management or investment bank Morgan Stanley, which is advising Musk on his acquisition, according to Bloomberg and the New York Post.
Musk, who recently became Twitter’s largest shareholder, last week proposed to take the company private for $54 a share, above its current stock price of about $45. The offer met with resistance from some investors, and Twitter’s board adopted a so-called poison pill to prevent Musk from taking control of the company.
Musk is the world’s wealthiest person, but much of his fortune of roughly $260 billion is tied to Tesla stock. Musk would need to liquidate much of his holdings to buy Twitter on his own, potentially diluting Tesla’s value.
On Tuesday, Musk posted a cryptic tweet suggesting he will try to buy shares directly from shareholders in a tender offer.
“_______ is the Night,” Musk tweeted on Wednesday, apparently referencing the Scott Fitzgerald novel “Tender is the Night.” Earlier, Musk tweeted a reference to the Elvis Presley song, “Love me tender.”
