In response to a question whether the WSJ report was accurate, Musk said “no” in a tweet. (file)
Elon Musk’s team is using $3 billion in new fundraising to fund its buyout of the company on Twitter Inc’s $13 billion in debt, The Wall Street Journal reported on Wednesday, citing people familiar with the matter. is helping to pay off some of the ,
According to the report, Musk’s representatives discussed the sale of up to $3 billion in new Twitter shares in December.
Twitter did not immediately respond to a Reuters request for comment. In response to a question whether the WSJ report was accurate, Musk said “no” in a tweet.
The Tesla boss borrowed $13 billion from a syndicate of banks including Morgan Stanley and Bank of America Corp in October to close the Twitter acquisition.
The report says Musk’s team has told people familiar with the company’s finances that an equity raise, if successful, could be used to pay down an unsecured portion of the debt, which could amount to $13 billion. Twitter carries the highest interest rate within the loan package. ,
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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