Elon Musk says he’s ‘willing to pay up to $15bn of his own money’ to buy Twitter

BILLIONAIRE Elon Musk is willing to sink up to $15bn of his own money into his hostile takeover of Twitter, according to reports.

The Tesla boss moved to buy the social network last week for $43bn after snapping up a nine per cent stake in the company days earlier.

AFPElon Musk last week launched an audacious bid to buy Twitter[/caption]

The New York Post reported Tuesday that Musk is now scrambling to finance the mega-bucks deal.

Citing two unnamed sources, the publication said the 50-year-old is willing to put between $10 and $15bn of his own cash into the deal.

The world’s richest man – who is also the CEO of SpaceX – is estimated to be worth around $260billion.

Even with all that financial firepower, he is likely to require support from banks or other investors to finance such a large deal.

According to the Post, Musk is asking Morgan Stanley to help him raise another $10billion in debt.

The New York Times separately reported Wednesday that Morgan Stanley is helping Musk raise debt.

Musk may also be willing to borrow against his current stake if necessary, a move that could possibly raise several billion additional dollars, according to the New York Post report.

A number of major buyout groups are said to have turned down the opportunity to throw their hats into the ring.

Blackstone Group, Vista Equity Partners, and Brookfield Asset Management declined to provide equity to Musk, the Financial Times reported Wednesday.

Chief among their concerns are Twitter’s profitability and Musk’s unpredictability.

The billionaire shocked the world last week by launching a hostile takeover of Twitter, his social network of choice.

Musk has moved to buy the social media giant for $43billion in cash, regulatory filings showed.

The mega-bid came days after Elon Musk made the surprise purchase of a nine per cent stake in Twitter, which has 200million users.

Twitter CEO Parag Agrawal announced that the 50-year-old would join the board of directors, an offer that Musk later declined.

An updated filing on April 14 revealed that the world’s richest man is making his “best and final” offer to buy 100 per cent of Twitter.

He’s offering $54.20 per share in cash.

The offer from Musk, who has hinted at the possibility of a hostile bid, has prompted the social media company to adopt a “poison pill” to protect itself.

Musk on Monday tweeted “Love Me Tender”, an Elvis Presley song, after Twitter opted for a plan to sell shares at a discount to prevent any attempt by shareholders to amass a stake of more than 15 per cent.

Musk currently has a 9.1 per cent stake.

Many investors, analysts and investment bankers expect Twitter’s board to reject Musk’s offer in the coming days, saying it is inadequate.

Twitter declined to comment. Tesla did not immediately respond to a request for comment from Musk.

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