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• Funding now constitutes of $33.5 billion in equity, up from $27.25 billion
Billionaire Elon Musk disclosed on Wednesday his plans to fund the Twitter Inc (NYSE: TWTR) deal with an additional $6.25 billion in equity financing amid decline in Tesla Inc (NASDAQ: TSLA) shares.
According to a SEC filing, Musk’s funding plan for the deal now constitutes of $33.5 billion in equity, up from $27.25 billion. Musk reduced the margin loan against Tesla shares, which are down by about a third since Twitter approved the $44 billion deal.
Twitter shares climbed around 6% to $39.15 in extended trading.
Earlier in May, Musk had put the deal temporarily on hold citing pending information on the number of fake or spam accounts on the platform.
Twitter had disclosed in a filing that fewer than 5% of its monetizable daily active users during the first quarter were bots or spam accounts.
Musk, who agreed to buy Twitter for $44 billion, had even tweeted earlier that he would prioritize removing “spam bots” from the platform.
Picture Credits: Reuters
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