Twitter stocks soared 4.5% as markets opened Thursday after Elon Musk poured in more of his personal wealth to fund his $44 billion buyout offer.
Musk will add up an additional $6.25 billion of equity for the deal, increasing the total to $33.5 billion from an initial $27.25 billion, according to an SEC 13D filing on Wednesday.
It added that Musk is talking to Twitter shareholders, such as the social platform’s former CEO Jack Dorsey, about the possibility of their retaining the stock after the proposed takeover, as a way to get more financing for the deal.
Tesla CEO Musk has ditched the plan to use margin loan against his shares in the electric-vehicle maker, The Wall Street Journal reported.
The move came amid a period of uncertainty, where the billionaire declared the takeover “temporarily on hold“. That came after a company filing said less than 5% of the platform’s accounts are spam or fake — something Musk has cast doubt on.
Twitter said in April it had accepted Musk’s buyout offer, pending regulatory approval by shareholders. The deal is set to close in 2022.