Twitter jumps 9% as Musk raises deal equity commitment to $33.5 billion
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Twitter (NYSE:TWTR) has jumped 9.4% postmarket after a new amended ownership filing from Elon Musk, stating that he's raised his aggregate equity commitment for a proposed $44 billion takeover of the company.
Musk had previously received a commitment letter for up to $12.5 billion in margin loans. On May 4, according to the SEC filing, Musk let some of those commitments expire, committing another $6.25 billion in equity financing - and on Tuesday, let the rest of them expire with commitments for another $6.25 billion in equity financing.
That brings the aggregate principal amount of the equity commitment in the $44 billion deal to $33.5 billion.
Tesla stock (TSLA) - which is ultimately backing Musk's equity commitments (and backed the margin loans) for the Twitter deal - is down 1.9% after hours.
The filing also notes that Musk is having and will continue to have discussions with certain holders of common stock - including Jack Dorsey - about the possibility of contributing those shares in order to retain an equity investment.
That news offers some red meat to investors who couldn't get any news about the deal from Twitter's annual meeting today, at which the company voted down a Musk ally - Silver Lake co-CEO Egon Durban - from Twitter's board.