Musk said to be inundated with offers from potential equity partners for Twitter deal
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Elon Musk is said to be "inundated" with offers from potential equity partners to collaborate on the $44 billion Twitter (NYSE:TWTR) acquisition. Twitter ticked down 0.4%.
Musk is expected to decide in the coming weeks if he will team up with someone, according to a Reuters report earlier, which cited sources familiar. It's unlikely that Musk will team with a private equity company given that the transaction isn't structured like a normal leveraged buyout.
Musk also has lined up a new chief executive for Twitter, according to Reuters, though the source declined to name the person.
The Reuters report comes as it was revealed earlier that Musk sold nearly $4B worth of Tesla (TSLA) stock to fund his Twitter (TWTR). Tesla rose 2.9%.
Musk has promised to chip in $21B of personal equity for the Twitter (TWTR) deal, with the rest of the cash coming from investment banks. $13B in loans will be secured against Twitter and a $12.5B margin loan tied to his Tesla (TSLA) stock.
The Reuters report also comes after a report from the FT last week, before the Twitter deal was announced, that several large PE firms didn't want to participate in Musk's takeover of the social media giant. Blackstone (BX), Vista Equity and Brookfield Asset Management (BAM) are some of the biggest PE firms that decided against providing an "equity check" for a TWTR takeover.