According to insiders, Elon Musk wants to make the $44 billion Twitter purchase a financial success as soon as possible.
Three people familiar with the matter told Reuters that he told the banks funding the acquisition that he could cut executives’ pay and find new ways to monetize the tweets. It was part of Musk’s concept of financial institutions to secure sufficient funds for the purchase.
Getting a loan
In the end, Musk took out a $13 billion loan backed by Twitter stock and a $12.5 billion loan backed by Tesla stock. Musk revealed Thursday that he sold $4 billion worth of Tesla stock, likely to fund the Twitter deal.
complete change
According to insiders, the Tesla boss wooed the banks with vision rather than concrete proposals. The exact savings potential is not clear. However, the 50-year-old noted that competitors like the Facebook Meta owner and Pinterest have better gross margins than Twitter. Musk also expressed his thoughts in several tweets about how to change the US SMS service, citing, for example, the blue subscription service.
The well-known company, which has more than 217 million users, agreed on Monday to a purchase offer of $44 billion. Musk wants to take the 16-year-old company private.
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