Elon Musk Considers Fundraising $3 Billion To Pay Off Twitter Debt: Report

Elon Musk’s group has been exploring utilizing as a lot as $3 billion in new fundraising to assist repay a number of the $13 billion in debt tacked onto Twitter Inc for his buyout of the corporate, the Wall Road Journal reported on Wednesday, citing individuals conversant in the matter.

In response to the report, Musk’s representatives mentioned promoting as much as $3 billion in new Twitter shares in December.

Twitter didn’t instantly reply to a Reuters request for remark. Responding to a query whether or not the WSJ report was correct, Musk mentioned “no” in a tweet.

The Tesla boss borrowed $13 billion to shut the Twitter acquisition in October from a syndicate of banks together with Morgan Stanley and Financial institution of America Corp.

Musk’s group has mentioned to individuals conversant in the funds of the corporate that an fairness increase, if profitable, could possibly be used to pay down an unsecured portion of the debt that carries the very best rate of interest inside the $13 billion Twitter mortgage package deal, the report added.

(Apart from the headline, this story has not been edited by NDTV workers and is printed from a syndicated feed.)