Elon Musk is willing to invest between $10 billion and $15 billion of his own money to take Twitter private, according to the New York Post, citing two people familiar with the situation.
According to the story, the billionaire, who owns 9.1 percent of Twitter, plans to launch a public offering in about 10 days and has hired Morgan Stanley to raise another $10 billion in debt.
Musk, who is also the CEO of Tesla Inc, may be willing to borrow against his current property if necessary, which could raise several billion more dollars, according to the New York Post.
Twitter did not respond. Musk did not immediately respond to a Reuters request for comment.
Last week, the social media business took a “poison pill” to ward off Musk’s $43 billion takeover offer.
More private equity firms have indicated interest in partnering on a deal for Twitter, according to people familiar with the matter, who declined to be identified.
Thoma Bravo, a technology-focused private equity group, contacted the social media platform last week to discuss a purchase that would compete with Musk’s offer.
According to Reuters, Apollo Global Management Inc is examining ways to offer funding for any acquisition and is willing to collaborate with Musk or any other bidder.
Many investors, analysts and investment bankers believe that Twitter’s board of directors will reject Musk’s offer in the coming days, calling it insufficient.
In afternoon trading, Twitter shares were down 1.6 percent at $47.69, well below Musk’s offer of $54.20.
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